Many people assume estate planning is only for older individuals who want to craft the legacy they eventually will leave behind. But this assumption is mistaken — the process is necessary for even younger and middle-aged people. There are important reasons to think about your estate plans, especially if you're a young adult who hasn’t considered how you want your assets to be handled after your death.

3 Reasons Young People Need Estate Planning

1. Prepare for an Unpredictable Future

Illnesses strike, accidents happen, and the unthinkable can become reality in a matter of moments. In short, life is not guaranteed to anyone. Given this uncertainty, it's in your best interests to ensure your financial affairs will be managed as you desire in the event of your passing. An estate planning attorney can help you design a will, trust, living will, power of attorney, and other essential documents that will outline your wishes and look out for your loved ones.

2. Appoint Guardians for Your Children

The idea of not being around for a child is heartbreaking for any parent, but you need to have a plan that specifies who will care for your kids if you and your partner die. This isn't a decision to be made lightly, and it’s crucial to choose someone you trust and who shares your values and beliefs. Once you determine a guardian, your decision can be included in your estate planning documents so your children’s futures will be protected.

3. Save Your Loved Ones Money

There are several expenses associated with settling an estate, including probate fees and court costs. A comprehensive estate plan will let your loved ones avoid many of these fees after you're gone. For example, a living trust allows you to transfer ownership of specified property to it, and those assets will be passed on to the named beneficiaries after your death, avoiding the probate process.

Regardless of your age, it’s crucial to create an estate plan now to ensure support for your loved ones in the future. Dennis P. Faller, Attorney, is an estate planning lawyer who has been serving the Wapakoneta, Ohio, area since 1979. Call (419) 738-4578 or contact him online to arrange a consultation. Connect with the firm via their Facebook or Twitter accounts for legal tips and updates.