As a young adult, there are many responsibilities you will have to take on. One of the most important tasks you need to complete is estate planning. There’s a common misconception that this legal procedure is only meant for older adults with families and lots of assets. However, per the guide below, you can see why this isn’t true.

3 Reasons to Start Estate Planning Now

1. Physical Assets

Throughout your lifetime, you’ve probably accumulated belongings that are of great value to you. Whether it’s a hefty savings account, a collection of unique coins, pieces of interesting art, or family heirlooms, you likely have an idea who you’d like to inherit these items should you pass unexpectedly. Estate planning is the only way to ensure this division of assets is handled properly.

2. Digital Assets

In such a technological era, it’s no surprise that many people also maintain quite a few assets in digital formats. These may include private documents, social media profiles, and sensitive information regarding important accounts. As such, it’s crucial to have a plan in place for how these assets will be handled after your passing. Your estate planning attorney will help you select and designate a successor who will become the sole gatekeeper of all this data.

3. Medical & Funeral Wishes

Finally, although it may be unpleasant to think about, you need to consider whether you have particular wishes regarding medical care or funeral arrangements. For example, do you have opinions on life support or medical treatments? Or, do you think you would want to be cremated rather than a traditional burial? If so, you need to incorporate these wishes into your estate plan.

Although you may be young, it’s never too early to plan for the unexpected. To get started, talk to the team at Looney, Looney & Chadwell, PLLC in Crossville, TN. Their practice has been open since 1937, and their attorneys are highly skilled and experienced in every aspect of the estate planning process. Visit their website to learn more about how they will help you, and call (931) 484-7569 to schedule a consultation today.