Estate planning is often thought of as something that only elderly or infirm people need to think about. That’s why almost three-quarters of all eligible adults have no estate plan.
Nonetheless, the reality is that estate planning can benefit all adults, including young adults. Here are a few reasons why young people should think about drafting an estate plan.
Young adults have families
While estate planning is about assets, there are other aspects to consider. Young adults are often young parents, and they have children to care for. If you are a young parent, who is going to step up and look after your child should something happen to you?
It’s possible that a family member or friend will step in, but is this something that should be left to chance? By naming a guardian in your will, you can ensure that your children are cared for whatever happens.
Young people have assets
Young adults may not yet have a huge business portfolio, but they still typically have assets. These could include vehicles, a house, jewelry and sentimental items. An estate plan allows you to ensure that these go to the right people should something happen to you.
Importantly, an estate plan can also incorporate digital assets, which is something that young adults are more likely to have today. Cryptocurrency, digital art and digital real estate are all assets that can be protected.
Estate planning is not only for the rich and wealthy or elderly individuals, but it benefits young people too. To find out more about your options, it may help to seek legal guidance.