Young Adults: 7 Benefits to Starting Your Estate Plan Now
Young adulthood is an exciting time full of changes and increasing responsibilities. Transitioning from student to fulltime employee. Striking out on your own and renting or purchasing your own home. Maybe even settling in with a partner and planning for a future together. Having children. With each important milestone, the benefits of having an estate plan in place increases.
Estate planning is an important part of being an adult. An estate plan helps ensure that your property is protected and distributed the way you would want in case you unexpectedly pass away. Or, if you become incapacitated, your estate plan will appoint your caretakers and provide them with guidance on how you’d like to be cared for.
Here are seven benefits to creating an estate plan.
1. Care for Your Life Partner
If you have a significant other but aren’t married, an estate plan will ensure that some of your assets go to them. Without an estate plan in place, your life partner is unlikely to receive any of your assets if you pass away because the courts look to a spouse or relatives.
2. Name Caretaker
In your estate plan, you can decide who will speak for you by granting someone you trust powers of attorney in case you pass away or become incapacitated. This is an important decision to make for yourself rather than leave to the courts.
3. Personal Inventory
You likely have more assets than you realize. Your car, jewelry, electronics, and job benefits such as a 401k and life insurance benefits all add up.
4. Digital Assets
Rewards programs, cryptocurrency, photos, subscriptions, and memberships are growing in popularity and likely to have sentimental and potentially value that is worth passing on.
5. Caring for Your Child
If you have a child or children, providing for their day-to-day care and ensuring their financial future if you become incapacitated or pass away is handled in your estate plan.
6. Pet Care
If you’re a pet owner, you can consider a pet trust. A pet trust appoints a caretaker, funds your pet’s ongoing care, and appoints a trustee to ensure your wishes are carried out after your death or during an incapacity.
7. Avoid Probate
Probate is a long and tedious process for your loved ones to go through to settle your affairs after you pass away. A trust-based estate plan can spare your loved ones from going through the probate process.
No one wants to think about their death or incapacity, but estate planning is important even for young adults. Think about what you would like to happen after you pass away or become incapacitated and consider meeting with an estate planning attorney make sure that your wishes are properly documented.
Work with an experienced Florida Estate Planning Attorney
We’d be happy to help you begin your estate planning process. Call 941-914-9145 to fill out our contact form and we will be in touch to schedule a meeting.