If you’ve ever wondered if you need an estate plan, a good rule of thumb is to ask yourself one simple question: are you an adult? If the answer is yes, then you need an estate plan. Unfortunately, the vast majority of young adults do not heed this advice. Though there are any number of reasons young adults have for not creating a plan, all of them are insufficient. Here’s why.
I’m not going to get sick or die anytime soon.
It’s very unlikely for this to happen to a young person, but that doesn’t mean it is reason enough to avoid estate planning. While it is very unlikely for a young person to suffer a debilitating or deadly illness, you can never predict the future. Not having an estate plan can be incredibly damaging to your family if you find yourself in such a situation, especially if you have a spouse or young child.
I don’t have anyone who relies on me.
While it’s true that many young people do not have a spouse or child to think about, that doesn’t mean you don’t need an estate plan. An estate plan will assist your family if you are ever incapacitated, and will also allow you to make decisions about your personal property. It’s also especially important to have a plan if you are a pet owner. If something should happen to you, you don’t want your pet to be left uncared for.