Many people incorrectly assume that estate planning is only necessary for older individuals with dependents. However, there are many reasons why it’s just as important for young, single adults with no children to prepare for the future. Here are some key issues estate planning can address regardless of your age, marital status, or parental circumstances. 

Why Young Adults Need Estate Planning

1. Retain Control of Who Receives Your Assets 

Tragedy can strike at any age. Drafting a will lets you leave instructions for asset distribution upon your death. Without this document, confusion and chaos may develop among family members as they attempt to figure out who should receive your property. This is especially true if you don’t have a spouse or children to automatically claim inheritance under intestacy laws. Estate planning allows you to select your beneficiaries and save your loved ones from conflict at an already difficult time. 

2. Name Someone to Make Important Decisions on Your Behalf

Life is unpredictable, and even young, healthy people can suffer an injury or illness that suddenly leaves them incapacitated. Have a power of attorney in place in the event you’re unable to communicate on your own. This will ensure your end-of-life care wishes are followed and someone you trust is making medical decisions on your behalf.  

3. Appoint an Executor for Your Estate 

After you pass away, someone will need to oversee the administration of your estate to make sure your final affairs are properly settled. During estate planning, you’ll have an opportunity to designate the person you’d like to assume this role. As the executor of your estate, your chosen friend or relative will be responsible for carrying out your final wishes as you intended. If you don’t have a plan, it will be up to the court to appoint an executor. 

Adults of every age benefit from estate planning. The attorneys at Ferraro, Kruk & Ferraro, LLP will discuss your circumstances with you and identify what documents you should have in place. For decades, they’ve used their legal expertise in this area of law to help Jefferson, Clearfield, and Elk County, PA, residents confidently put together estate plans that reflect their final wishes. To schedule a consultation, call (814) 268-2202. Visit them online for more information about the services they provide.