If you’re in your early 30s and just getting ramped up in your career, or in your 40s with young children feeling like life is just getting started, it’s easy to shrug off something like estate planning as nothing you need to worry about. Historically, estate planning has been associated with retirement and retirement planning – it’s something you only need to worry about later in life.
But that’s not quite the case. In most cases, almost everyone can benefit from having an estate plan. To debunk another common myth, you don’t need to be wealthy to have an estate. If you have assets – an estate plan is necessary.
You Own a Home.
The moment real estate enters the equation, you’re going to want to look into an estate plan. Real estate is a major asset, and without the proper parameters put in place, it can cause a lot of headache for your family if something were to happen to you unexpectedly. We know it’s not anyone’s favorite topic, but ensuring you properly document how you want your property allocated in the event of the unexpected can help save your loved ones a lot of time, emotional stress, and money in the long run.
You have children under 18.
Having young children may mean that you’re young – hence why you may not be thinking about estate planning yet. But if your children are under the age of 18, it is crucial that you have an estate plan in place. Without taking advantage of options like living trusts and wills, you are leaving your children more exposed when they’re younger. A revocable living trust provides the ability to keep your assets preserved within a trust, controlled by a trusted person you select, until your children reach a certain age (18 or even older). A proper estate plan will protect assets and save money in the long run.
You have pets.
You did read that correctly. One of the most common reasons young individuals and couples opt not to create an estate plan is because they don’t have children. But with more and more members of the Gen Z and millennial generations opting not to have children, we’re seeing a growing number of fur-parents choosing their cuddly companions instead.
If you love your pets as much as our team does, then you need to have a plan for them in the event something were to happen to you. While it might seem cut and dry – that your closest family member or friends could just come forward and claim your loved fur-babies as their own – it’s not always that simple. An estate plan is the only concrete way to ensure that your beloved pets are taken care of if you were to have to leave them. If that’s not a reason, what is?!
Don’t make the mistake of thinking you’re too young for an estate plan. With the help of a strong estate planning attorney, it’s straightforward and surprisingly inexpensive to take the necessary precautions to protect yourself, your family, and your loved ones.