Why Young Adults Need An Estate Plan
In the United States today the average life expectancy is 78.4 years of age, and unfortunately this fact leads many people to proceed with the mistaken belief that they don’t need to have an estate plan in place because it is not going to become relevant until they reach their 70s.
This is untrue for a number of reasons, and the most obvious one is the fact that no one can predict the future and we are all “day-to-day” as they say on ESPN. People sometimes pass away due to accidents and as a result of catastrophic illnesses that strike without warning well before their time. For this reason alone it is better to be safe than sorry, especially because it will be your family members who suffer the consequences if you pass away without having a well conceived estate plan in place.
When exactly is an estate plan necessary? It could logically be asserted that having an estate plan in place is a basic core responsibility that becomes relevant as soon as you become a self-sufficient adult. Even if you are single and do not have a significant store of assets to pass along to family members, incapacity planning is important. It is wise to have advance health care directives in place so that your wishes will be honored with regard to medical decisions made in your behalf in the event of your incapacitation.
But if you’re married and your spouse and children are depending on your income to maintain their standard of living estate planning takes on an added level of importance. To protect your family you must be sure that you have adequate life insurance coverage in place, and you also must consider the issue of child guardianship should both you and your spouse perish together in an accident of some sort.
Estate planning for younger people is precautionary. If you are in your twenties or thirties it is very likely that you have a long and healthy life in front of you and this is a gift to cherish, but it is vitally important to be certain that your loved ones are provided for “just in case.”
