Reason 1. You might face a medical emergency.
The chances that you, as a young person, will become seriously ill or die prematurely are incredibly small, but ignoring that small possibility is not the answer. If something should happen, you’ll want a medical directive in place that states what kind of treatment you do or do not want to receive. If you want someone other than your parents or close relatives to make medical decisions for you should you become incapacitated, an advance directive is absolutely necessary.
Reason 2. You have a child.
As a young parent, you no doubt have a lot on your mind. But what will happen to your child if something happens to you? If you don’t have an estate plan in place, your child’s care may be left up to a court to determine. With an estate plan, you can select who will act as your child’s guardian, as well as set up a trust to provide for the child’s financial needs.
Reason 3. You’re in a committed relationship but not married.
More people are living in committed relationships with a partner without feeling the need to get married. If you want your partner to have inheritance rights, or to be able to make health care choices for you should you become incapacitated, you need an estate plan. If you don’t take any estate planning steps, state law makes no recognition of your partner’s ability to inherit from you or make decisions for you.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018