When you’re young, you might consider estate planning the realm of older adults. You might think of your parents or grandparents drafting a plan, considering the future of their assets only when they reach a certain age. Yet this is a misconception.
By starting young, you can ease the estate planning process. Keep these benefits in mind if you think now might be the time to begin.
Estates decrease legal battles
Setting up an estate can prevent costly legal battles. You’ve likely heard stories of relatives fighting over intestate property. These are assets without a legal document directing their transfer. No matter your age or net worth, this is a possibility.
Even when you’re young, having plans in place for small assets or debts can ease their transfer once you pass. This can save your beneficiaries from costly succession fees. And it might prevent the scrambling and fighting than can occur without an estate in place.
Estates clarify health directives
Whether you suffer from a medical condition or not, you may want to include a healthcare directive in your estate. Without a directive, your relatives might feel lost when making decisions about your livelihood in case of an emergency. And they may not be legally able to do so, depending on your state.
Adding a healthcare directive to your estate also lays out what medical professionals can and cannot treat. And if you have an order against resuscitation, it accounts for it. Including these instructions will bring everyone involved on the same page.
Estates can change as your life does
You may have concerns about whether you can change your estate to account for major life events. If you’re getting married or divorced, you’ll want to alter it. The births of children and grandchildren may lead to changes, too. Planning your estate now means you can amend it as you go. This gives you time to work through these events, rather than rush through them.
Estate planning may seem frightening and foreign. But starting early will benefit both you and your beneficiaries in the long run. If you’re considering setting up an estate, consulting with a legal professional can help you determine what arrangement is right for you.