You’re young, single and mostly broke — so why on earth would you need to bother with an estate plan?
Well, there are several reasons anybody 18 years of age and over should take that step. For example:
- You may have personal effects that you want passed to certain people. If you die without a will, or intestate, your assets and personal effects will go to whomever is in the line of succession under the state’s inheritance laws. That means you won’t be able to leave specific mementos to friends or other relatives.
- You may need someone to make decisions for you. Estate plans aren’t just about the disposition of your assets. They also include things like powers of attorney for health care and financial matters. There’s comfort in knowing that, should you ever be incapacitated in an accident, that someone you trust can pay your bills and make medical decisions on your behalf.
- You may want to direct the disposition of your remains. Many people have strong feelings about whether they should be buried or cremated and other details surrounding their remains. Your estate plans can clearly define your wishes.
- You may want to make things easier for your parents. Without an estate plan, they may have to take legal action to take control of your estate (or you, if you’re incapacitated), and that could add undue hardship when they’re already grieving.
Frankly, everyone needs an estate plan, no matter how modest their means. If you don’t have one, it’s time to make an appointment with an experienced legal advocate.