Estate planning allows a person to decide how their assets are to be distributed after their death, essentially designing the legacy they leave their loved ones. But there's a common misconception that only older individuals need to undertake estate planning. In reality, all legal adults should have some type of plan in place. Below, discover a few benefits of starting this process early in adulthood.

The Benefits of Estate Planning for Young People

1. Make Aspects Easier on Loved Ones

If a person passes away at a young age, their family members and friends are often, understandably, shattered by the loss. Estate planning takes a considerable burden off of them during what would be an intensely emotional and trying time.

In your plans, you have already decided how property and assets are to be handled, who is to be named executor of the estate, and who should care for children and pets. Your loved ones don't have to make these difficult decisions. They know what you want and can honor your wishes.

2. Appoint a Guardian for Minor Children

An estate plan lets a young parent decide who raises their minor children. You can designate a guardian, include specific preferences for the child's upbringing, and direct the guardian to funds set aside for raising the child.

If you don't appoint a guardian and your child is left without both parents, the courts will determine who raises them. And the courts may appoint someone that you would not have chosen.

3. Remember Favorite Charities

Young people are some of the most socially conscious and engaged individuals on the planet. Use your estate plans as a way to donate to the causes you believe in the most.

This is called planned giving, and you can gift cash, equity, or property to a charity whose work you support. Consider it one final way to make a positive contribution and leave an enduring legacy.

An estate planning attorney understands the unique needs of young people when designing wills and trusts. Castles Family Law will help you create the plans that best protect you and your loved ones. Attorney Lauren Wilson Castles serves clients throughout the Nashville and Franklin, TN, areas. She offers representation in estate planning, as well as family law issues, like divorce, child support, and child custody. Call (615) 804-6086 or visit her office's website to schedule a consultation.