3 Reasons to Get an Estate Plan While You Are Young
If you are in your young adulthood, you are probably wondering if an estate plan is right for you. It can be hard to know when it is the right time to get an estate plan. In most cases the time to get an estate plan is now. The earlier you organize the estate plan, the better off your will be. Here are 3 reasons why young people need an estate plan.
1. Appoint Guardians for Minor Children
Probably the most important reason to get an estate plan is to ensure that your children are cared for. If you have minor children you should never be without an estate plan. One of the first things your attorney will do with you is name someone to be the guardian over your children if something should happen to you. If you don't have an estate plan, a judge will have to decide where to place your children. Although the judge will do their best to choose the best friend or relative to keep your children, they don't know your family dynamics, your parenting style or any special needs of your family. This is why it is far better if you can choose the best place for your children. Even if you are unable to do the entire state plan at this point in time, at least get down on a document where your children should go.
2. You Are of Sound Mind
When your estate plan is about to be executed, it will be asked if you were of sound mind when you created it. One of the biggest problems with honoring an estate plan is that someone did it too late in life when they were no longer mentally fit and healthy. This means that someone who doesn't like the plan could easily contest it saying that this is not what you wanted.
When you get the estate plan while you are young and healthy, no one can argue that the plan was against your wishes.
3. There Is More to the Plan Than Just Allocating Money and Children
When you get an estate plan you will go through and do other documents besides ones pertaining to money and the care of your children. You will also create legal and medical power of attorney. These documents will name someone to make decisions for you if you are unable to. If you don't have this in your plan, the courts will have to do it. Once again this may not be in your best interest, which is why it is so good to do it now.
These are just three of the many reasons you should get an estate plan even when you are young. For assistance, talk to an estate planning lawyer like Skeen Law Offices.