Many people, especially younger couples who haven’t bought a house or started having children, mistakenly believe that only the elderly need to worry about estate planning. While you and your spouse might be in relatively good health, however, it’s never too early to start making plans for the unexpected. No matter what your age, health status, or financial situation might be, here is why it’s never too early to begin the process.
Why Estate Planning Isn’t Just for the Elderly
1. Prevent Family Conflicts
Everyone has belongings their family members might value, whether they’re sentimental family heirlooms or substantial investments. Passing away without a will could leave your loved ones to fight over these items, leading to conflicts and hurt feelings that might never heal. Estate planning ensures your wishes are respected and prevents bitter disputes if you fall victim to an accident or serious illness.
2. Protect Your Loved Ones
In some states, like New York, if you pass away without a will, your spouse will automatically inherit all your possessions. But, what if you aren’t married? Without an estate plan, a romantic partner or friends won’t receive any of your assets, no matter how strong your relationships may be. Handling the paperwork now allows you to protect the people who matter most to you in worst case scenarios.
3. Make Medical Decisions
Accidents and serious illnesses are, unfortunately, a fact of life, potentially incapacitating even the healthiest young people. If you can’t communicate with the doctors, who will make medical decisions on your behalf? A comprehensive estate plan should include a medical power of attorney, giving someone you trust the authority to make important decisions for you. A living will allows you to make end-of-life choices in advance, sparing your loved ones from such a painful process.
Estate planning can be a difficult, confusing process, but a skilled legal professional will guide you through the options and point out potential issues along the way. For over 30 years, John E. Bach Attorney at Law has provided detailed guidance, personal attention, and care to Goshen, NY, clients of all ages. Visit his website to learn more about his estate planning expertise, or call (845) 294-7941 for a free consultation.