In the hustle of youth, many things seen as “adulting” take a back seat. One such item is estate planning as it often takes a back seat to other more seemingly pressing items. Yet, it is a misconception to believe that estate planning is solely for the elderly or the affluent. Here are why young people need to prioritize estate planning.
Health Care Directives
A crucial aspect of estate planning is establishing a Health Care Directive. This document empowers you to designate someone to make medical decisions on your behalf if you are unable to do so. Without it, your loved ones may face tough choices in the dark about your wishes, and you could be left on life support when you would not want to be. Or, you could undergo a procedure you would not want, like an amputation or a blood transfusion against your religious beliefs.
Safeguarding your children’s future
For parents, estate planning is paramount. It enables you to appoint a guardian for your children in case something happens to both you and your partner. Without a clear plan, the court decides their fate, a scenario no parent desires. Your kids could end up in the foster care system until a family member can be found or empowered.
Ensuring financial stability
Estate planning also involves drafting a will or setting up a trust to dictate how your assets will be distributed after your passing. This not only ensures your assets reach your intended beneficiaries, but also provides financial security for your loved ones.
Conclusion
Estate planning is a vital step toward securing your health care preferences, protecting your children’s well-being and guaranteeing your assets are distributed as you wish.