The moment you are legally an adult (18 years old), you become responsible for yourself and the significant decisions regarding your life. However, most young adults do not prioritize creating an estate plan because they might think it is only necessary once they have accumulated substantial wealth. They do not realize that an estate plan not only addresses issues related to finances but also enables them to plan for incapacity. Here are the advantages of establishing an estate plan early in life.
You can plan the health care you will receive
No one wants to think about getting into an accident or suffering a critical illness, but these things can happen at any age. As an adult, you can use an estate plan to determine the kind of advanced medical directives you want to receive in case you sustain catastrophic incapacitating injuries or become seriously sick. The aim of having advanced medical directives is to value every person’s right to self-determination. You have a right to choose and refuse health care; you can exercise that right while you are still young and healthy.
You can account for changes as they happen
One advantage of having an estate plan earlier in life is that you already know where to start and when to update it. You can review your estate plan and see how your goals and priorities have changed whenever you reach a new life milestone.
You can protect your loved ones
An estate plan can protect your loved ones for obvious financial reasons. You can use it to transfer assets effectively and smoothly to your chosen beneficiaries while reducing tax burdens regardless of the size of your estate. Apart from that, you also save them from fighting over matters regarding your estate and health care.
Every person can benefit from an estate plan, no matter what stage they are in life.