Tragedy sometimes begets rumination. Forbes columnist Tania Brown recently reflected on the loss of several young lives in the headlines lately and began to wonder what their estate plans might have looked like. Did they even have estate plans at all?
Unfortunately, there is a misconception among American youth that wills and trusts are “old people stuff,” and aside from celebrities, there is no reason for a young person in today’s world to have an estate plan. That simply isn’t true.
Even if you are single and under thirty, you absolutely have assets and interests worth protecting. Forbes surveys a few of those:
- Your health. While most people think of estate planning in terms of asset distribution, medical planning is a big piece of the puzzle too. By executing certain key documents (healthcare directives, powers of attorney, etc.), you can decide now how you’ll be treated if you ever end up needing life support or other critical medical care.
- Your Facebook. Believe it or not, social media and other Internet accounts have become a big part of modern estate planning. Your online accounts will still be around when you pass away, and most young people want to know that those accounts will be handled with tact and discretion after they’re gone. A modern estate plan can ensure that.
- Your prized possessions. Sure, you might not have a million dollars in the bank at the age of 25, but you almost certainly own things that matter to you and the people you love. Photo albums, trophies, mementos, souvenirs, secret journals, etc. — these are things that sometimes end up in unexpected hands without an effective estate plan in place. And no one wants a diary in probate.
If you’re young and haven’t given much thought to an estate plan, you aren’t alone. But that doesn’t mean you should keep kicking the can down the road. No one has ever regretted being proactive in planning for the future. Why not take a few easy steps toward securing yours? It is more manageable than you might think, even when you’re young. We can help.
Call the Valdosta estate planning attorneys at Bennett Watson Trust, Estate & Elder Law, LLC today.