Young adults often feel invincible and believe they have plenty of time to plan for the future. However, the truth is that life is unpredictable, and anything can happen at any time. That's why it's important to start thinking about estate planning as soon as possible, even if you're young and healthy.
Here are some reasons why you should make an estate plan:
1. Protect Your Loved Ones
If you were to pass away unexpectedly, your loved ones would be left to deal with the aftermath. Without an estate plan, your assets would be distributed according to state law, which may not align with your wishes. By creating an estate plan, you can ensure that your loved ones are taken care of and that your assets are distributed according to your wishes.
2. Avoid Probate
Probate is the legal process of distributing a deceased person's assets. It can be a lengthy and costly process, and it's often a public affair. By creating an estate plan, you can avoid probate altogether, which can save your loved ones time and money.
3. Plan for Incapacity
In addition to planning for your death, an estate plan can also help you plan for incapacity. If you were to become incapacitated, your loved ones would need to make decisions on your behalf. By creating a power of attorney, you can appoint someone to make those decisions for you.
4. Protect Your Business
If you own a business, it's important to have a plan in place for what happens to it in the event of your death. Without a plan, your business could be tied up in probate, which could be detrimental to its success. By creating a business succession plan, you can ensure that your business continues to thrive after you're gone.
5. Peace of Mind
Perhaps the most important reason to create an estate plan is for peace of mind. Knowing that your loved ones will be taken care of and that your assets will be distributed according to your wishes can provide a sense of comfort and security.
Estate planning is not just for the elderly or the wealthy. It's important for everyone, regardless of age or health status. If you need help creating an estate plan, Lipscomb, Johnson, Sleister, Dailey & Smith, LLP can help. Contact us today to schedule a consultation.