The Top Three Reasons Estate Planning Isn’t Just for the Rich and the Elderly

There’s a common misconception that if you aren’t fabulously wealthy or very old, it’s not important to worry about estate planning. This simply isn’t the case! Estate planning is important for everyone, regardless of your age or economic status. In today’s blog post, we’re looking at the top reasons to create an estate plan even if you’re a young person without many assets.

  1. It can spare your loved ones a lot of stress.

Estate planning clearly delineates your preferences, both for end-of-life care and for the distribution of your assets after you pass away. For example, a Living Will is an estate planning tool which allows you to clearly outline how your medical treatment and financial matters should be handled if you are ever incapacitated and unable to express your wishes verbally. This can spare your loved ones the emotional tasks of deciding things like whether or not to take heroic measures or extend life support if you’re in a vegetative state, for example. There can also be a lot of tension after someone passes away about who inherits what. You can ensure that your wishes will be respected and your loved ones will know your intentions by expressing them in an estate plan.

  1. It can save money.

Probate can be very costly. Good estate planning can keep your assets out of probate, meaning there will be more money left over to go to your descendants when all is said and done. Whether your estate is small or large, this can make a big difference for your family members and other loved ones who live on after you are gone. 

  1. It gives you a say in who cares for your children.

Most people who have minor children are — surprise! — not elderly. If you are a parent, you know how important it is to make the right decisions for your child’s future. You want to make sure that if anything happens to you, they will have a guardian who loves and protects them like you do and you can accomplish this through estate planning. Tomorrow is never guaranteed, so if you are a parent, this is really essential.

Are you in need of an estate plan? Whether you’re doing it to protect your children, to save money, to spare your loved ones from stress, or for a combination of these reasons, the team at The Amsberry Law Firm can help you. We have experience helping individuals and families, young and old, and from all ends of the economic spectrum create estate plans that meet their unique needs. If you’re interested in learning more about these services, we encourage you to contact us today.