Most young adults don’t give much thought to estate planning. They assume wills and trusts are subjects they can deal with when they start a family or reach a certain age. After all, why go to the trouble of making will when you’re young and healthy? Why waste the money when you’re going to need to change it down the road anyway?
This point of view is common, but it is incorrect. Estate planning is not simply about giving property away when you die. It’s also not reserved for the very wealthy. Estate planning incorporates a wide range of planning, including making sure you name someone to look after your finances and health care decisions if you become too incapacitated to handle them on your own. Here are several reasons why you need an estate plan, no matter your age or relationship status.
Health Concerns
Fortunately, most young people don’t have to deal with serious health problems. Although anyone can be struck with an illness at any time, youth is usually a good indicator of health. On the other hand, accidents can happen to anyone. Statistically, young men have a high risk of being injured or killed in an auto accident. If you are injured in an accident, you may not be able to make important health care decisions for yourself. This is where an estate plan is important. With a durable power of attorney for health care, you can appoint a trusted individual to make health care decisions for you.
Control over Your Property
Many young people argue they don’t need a will because they own very little or no property. When you really stop and think about it, however, chances are you own more than you think. Whether you inherited some money from a grandparent, or you have a life insurance policy in place, you probably own assets. Even if you don’t have significant wealth, you probably have items you would prefer to pass to specific people. Without a will in place, your property will pass according to the laws of intestate succession. This means a judge gets to decide who administers your estate and who inherits your property. With a will in place, you are the one making these decisions.
Mississippi Estate Planning Attorneys
At Rushing & Guice, P.L.L.C., we help individuals, families, and business owners create estate plans that meet their needs and goals. Call us today at (228) 374-2313 to discuss your case.
