2 Reasons You Should Have An Estate Plan Even If You Are A Young Adult
Having an estate plan is essential for every adult. Many people make the mistake of thinking that if they are young adults that they don't need an estate plan. This kind of thinking can be very dangerous. Instead, it is important that even people in their younger years have an estate plan. Here are a couple of reasons why you should have an estate plan, even if you are young.
1. Appoint Guardians Over Your Minor Children
Although the likelihood of your passing away while you are young and healthy is not necessarily high, it doesn't mean that you don't need an estate plan. Accidents happen and if something were to happen to you it is vital that you have a plan for your minor children. In your will you will name someone who will care for your minor children in the case that you're not able to.
If you don't have an estate plan and you pass away, the state or a judge will determine who has guardianship over your children. A judge doesn't know the individual needs of your children or the specific dynamics of your family. This is why it is infinitely better if you choose the right person to care for your children in the event that you cannot.
2. Medical and Legal Powers Of Attorney
Another vital thing about an estate plan is that you appoint powers of attorney for yourself. There are two types of power of attorney. The first is a medical power of attorney. This is when you appoint a person who will make all of your medical decisions if you are not able to. For example, assume that you were in an accident that left you in a coma or mentally incapacitated to make decisions. Who would make decisions about your health? If you don't appoint someone, once again, a judge will do it for you. It is better if you can choose someone who shares your same views about medical care such as prolonging life.
Second, you will appoint a legal power of attorney. This is the person who will make legal and financial decisions for you if you are not able to. For instance, if you are out of the country and an important decision needs to be made, who will do it for you? Or if you are physically or mentally unable to, you need someone to have access over you finances and legal matters.
These are just two of the many reasons that you should have an estate plan even if you are young. For assistance, talk to an attorney like Donald B Linsky & Associate Pa.