3 Reasons to Start Estate Planning in Early Adulthood

estate planning
Explore Content

What is an estate plan? Many people know about creating a last will and testament, but a robust estate plan includes so much more than that. Estate planning isn’t just about distributing assets after your death — it’s about protecting yourself and your family as you work to create a secure future. Here are three key reasons to start estate planning as a young adult.

1. Anyone Can Have a Medical Emergency

No one wants to think about becoming suddenly incapacitated. The truth is that no matter how healthy you are, a car accident or other event could leave you unable to communicate your medical preferences or otherwise manage your affairs.

These are a few estate planning documents to consider preparing so you can protect yourself and your family in the event of an unforeseen health emergency:

  • Advance Directives/Living Wills: These documents lay out your wishes for medical treatment in case you are unable to communicate
  • Healthcare Power of Attorney: This is someone you nominate to make healthcare decisions for you if you are unable to
  • Durable Power of Attorney: This document permits someone to make health, financial, and other decisions for you if you are incapacitated

Thinking about what medical care you’d consent to if incapacitated — and who you would trust to make critical decisions for you — can be overwhelming, but an estate planning attorney can walk you through these critical steps. We often recommend discussing your options with a trusted physician as well.

2. You Can Secure the Future for Your Children or Pets

If you have children, you might assume their other parent could care for them if you’re unable to. But what happens if both parents die or are left temporarily (or even permanently) incapacitated? Your estate plan allows you to nominate guardians to take over your children’s care if you cannot.

Similarly, you can name guardians for your pets when you create your estate plan. Doing so grants you the peace of mind of knowing that your animals will be cared for if the unexpected happens.

3. You Can Ensure Your Assets Go to the Right People

Many people think this only matters if they have significant assets. However, even if you don’t have a considerable amount of income or assets, you probably have at least one valuable item — like a vehicle, a musical instrument, a bank account, or a 401(k). 

Your estate plan lets you decide who receives those assets after your death. If you die without an estate plan, the state determines who receives your belongings — even if your loved ones believe they know what you would have wanted.

Ready to Start Your Estate Plan?

If you’re curious about estate planning services or ready to start building your estate plan now, Mason Law and Planning Group is here to help. We aim to help you secure your finances and future through a fully customized estate plan that meets your needs and those of your family. Join us for one of our complimentary estate planning dinners or contact us to set up a consultation today.