As a young person, estate planning is likely to be the last thing on your mind. Perhaps you have just graduated? Maybe you are a few years into a relationship and plotting the rest of your life with the person you love? Does estate planning really have to be a part of this process?
The reality is that tackling your estate plan does not obstruct any of your life plans, in fact, it can make it easier for you to relish your future. Estate planning is often associated with the elderly, or those with vast amounts of property and assets, but it can help young people too. If the following scenarios apply to you, you may want to consider addressing your estate plan in the near future.
Is your job risky?
Maybe you’ve set your sights on a career with the military or police force? While these career paths can be extremely rewarding, they are also potentially dangerous. You could be called away to an ongoing conflict or to the site of severe criminal activity. The danger is part and parcel of such vocations.
By ensuring that your loved ones will be cared for no matter what, you can focus on keeping yourself safe and doing your job to the best of your ability. If the unexpected happens, then your loved ones will be distressed enough, without having to go through lengthy legal procedures to fight for their inheritance.
Young people have meaningful assets
You may not yet have acquired a great amount of wealth, but this doesn’t mean you don’t possess items that are of value to you and your family. If you’ve just purchased your first home, you want to make sure that your partner and children can always hold on to it. Maybe you have service medals that you want to pass on to your children? Your assets do not need to be of significant financial value to be worth protecting.
Estate planning can be daunting, especially for a younger person. However, it can offer stability for your family in the future. If you have questions about the process, be sure to examine your legal options in more detail.