If there is one group of people who are least likely to have any kind of state plan, it is young people. Whether you’re newly out of college or already into your career, developing an estate plan now, while you are still young, can save a lot of headaches down the road. Even though you may not think estate planning concerns apply to you, there are some questions you need to ask yourself when you consider the topic.
What are the chances you’ll get divorced?
Although people don’t like to think about it, the chances that any new marriage will end in divorce is fairly high. While a divorce will have a significant effect on your personal and financial life, it will also impact your estate plans. If you count on your spouse being there in case you are sick or injured, you will need to make alternate arrangements.
Who will look after your pets?
If you are a young pet owner, your animal likely plays a very large role in your life. If something should happen to you, who will look after them? Estate planning includes making provisions for your pets so you know they will be looked after should an emergency arise.
What about your child?
If you are a young parent, estate planning is especially important. Not only will you want a plan in place so your child is taken care of by a responsible person should something happen to you, but you will also need to make provisions to ensure the child is financially secure.
When we are young, it is often impossible to conceive of our own demise, although we know deep down that it is inevitable. While we all hope to live a long, rich life, accidents, illness and other uncertainties of life can deprive us of our expected future. For many people, the ability to control their futures is of high importance. A good estate plan will allow you to have that control even in the event of your disability or death.