It’s important to prepare for the end of your life. It’s something you know you should do, but six out of 10 adults in the U.S. don’t have a living trust or will in place. While most older adults have these important documents in place, many younger Americans have failed to put these types of plans in place.
As people get older, they begin to realize that having an estate plan is important. This is when they choose to make a move. However, younger Americans can’t ignore the importance of this documentation.
Why young adults need estate plans
Young adults should consider creating an estate plan for a few reasons. These include:
- If you own a home or live with a partner and aren’t married, an estate plan ensures your assets go to them.
- You have more assets than you realize (i.e., family heirlooms, jewelry, vehicles, real estate, etc.).
- If you have children, you need to ensure they have financial security when you pass, including naming a guardian for them.
- You have significant assets and putting them in a living trust can help your family avoid going through probate.
Important elements of a young person’s estate plan
As you begin building your estate plan, there are a few important elements to include:
- Advanced healthcare directive
- Living trust
- Life insurance
These are the basic documents you need in your estate plan. You can work with professional estate planners to help you add any other necessary documents.
Protecting your family with an estate plan
Creating an estate plan is something people of all ages need to do. It’s a good idea to know what your legal options are and make an estate plan now to protect yourself and your family.