Estate planning does involve some discussions around what happens if you die, but there is much more to it than this. There is a common misconception that trusts, wills and other estate planning documents are only useful for elderly people. This is certainly not the case.
As a younger individual, here are a few reasons why you should consider getting your estate plan in order.
Do you have young children?
You’ve just started a family with your partner and you’re planning for the years ahead. While the most likely scenario is that you’ll see these plans through, there is a chance that an accident occurs or an illness falls upon you. What happens to your kids in this scenario? Who is going to look after them if you and your spouse are caught up in an accident? Planning for this doesn’t mean that you are being morbid. It just means that you have covered all bases in terms of the welfare of your children.
Do you have any bequests?
You may not have built up a vast property or business portfolio yet, but that doesn’t mean that your assets aren’t worth protecting. Even the sentimental value of items is extremely important. For instance, do you possess a family heirloom that has been passed through the generations? An estate plan can help you ensure that the legacy of your ancestors lives on.
Estate planning can feel overwhelming at times but it’s important to remember that you’re not on your own. Seeking legal guidance will make the process seem much easier and it will also help ensure that your wishes are fulfilled.