The Epoch Times states, “Younger people may have a tendency to think that estate planning is only for older and wealthy people…” However, no one can predict the future and the publication outlines some very good reasons for those that have not reached their golden years to make time for estate planning. Not having a will means that you leave it up to the state where you live to decide what happens with your resources.
Minor children: If you have young children, you need to make sure that they are provided for. Should you pass away while your children are still young and there is no other parent available, they will very likely become wards of the court if you do not leave other instructions.
Risky sports and activities: Whether you jump from planes, engage in extreme sports, or participate in more routine activities such as skiing or mountain climbing, you should “consider the possibility that they could become seriously injured and require long-term medical care.”
Long Term Care: You may not realize it, but a will and testament is not only about the end of life. These documents could possibly have a bearing on how your life plays out. A living will can outline instructions in case you are somehow incapacitated. If you want to make sure that you have a say in what happens to you if there is a time when you can’t make such decisions, you need to have these documents drawn up while you are able.
Keeping the Peace: There is a chance that even though you are young and think you have not amassed much wealth, there could still be dissension in your family should you not leave instructions. If you are in a committed relationship, you will have no say over what your romantic partner receives if there is no will in place.
It is important to have your affairs in order no matter what your age and a Fee-Only Financial Planner can help you put together a will and testament.