Many people think that estate planning is only for older and/or wealthy people, but this is not the case. Everyone can benefit from an estate plan.
Young people tend not to think about the end of their lives too much if they are healthy. If they are not healthy, their need to plan probably drives their actions more. Another thing to consider with young people is that they have not had as much time to accumulate assets so they will not have as much to pass down to their loved ones. However, there are several good reasons for young people to create an estate plan, starting with a will.
Plan ahead to prevent hassles for loved ones if you pass away unexpectedly
If you are trying to come up with good reasons to create an estate plan while you’re still young, there are several. One good reason is to save your loved ones a lot of difficulty and to ensure a smooth process. If you have a child, designating exactly who will be the child’s guardian in the event that you pass away is also critical.
If you do not have a will, the state will dictate the distribution of your estate, and that may lead to results that leave your loved ones unhappy.
Communicate clearly in advance
Communication to the appropriate people is another important part of organizing your estate and ensuring that important information is documented. You will want to communicate exactly where the concerned people can find the important, relevant information (including a list of accounts and passwords). It is also a good idea to make sure that you do not have a lot of unnecessary clutter on your computer. Finally, it is essential that you keep your important estate documents current so that nothing falls through the cracks at any point.
There is a lot to consider when beginning to plan your estate. An experienced Kentucky estate planning attorney can help young people to understand their options.