Even if you are in your 20s or 30s, you need an estate plan. You may think you are too young or you do not have enough assets. However, it is essential to get some estate planning documents in place because you never know when something may happen.
Although you may be a young adult, you should still start planning for the inevitable. Here are some of the top reasons young people need to create estate plans.
1. Communicating your health preferences
Just because you are young does not guarantee you will live forever. While you hopefully have several decades of your life ahead of you, you never know when an accident or sudden illness may take you by surprise. This is why you should choose a health care surrogate with a health care directive. A health care directive is a document that not only makes someone responsible for medical decisions upon your incapacitation, but it also communicates your preferences regarding end-of-life care.
2. Ensuring the assets you have go to the right people
You may have more assets than you realize. A retirement plan at your workplace or a bank account is enough to warrant some estate planning. Make sure you have the right beneficiaries on your retirement plan and a payable on death form at your bank. This will give your heirs easy access to your accounts if you pass away.
3. Handling your social media
Your social media accounts probably mean a lot to you. You would not want someone untrustworthy to get access to them and post private or disparaging information about you. Who will be responsible for your social media profiles if you die? Make sure you decide who you would want to have access to your social media accounts.
Planning for your death may feel uncomfortable and awkward, but you should start early to give yourself peace of mind.