13 Feb Why Millennials without children should consider estate planning, too
Too often young adults dismiss their need for estate planning. The reasoning may be due to a lack of understanding, feeling as though they do not have assets to secure, and feeling as though they need to be spending their finances elsewhere.
Estate planning isn’t solely for young adults with children, but for everyone. There are things to consider such as: who I would like my home to go to and other assets as well. There is also the need to consider how you would like your life to be managed if you were unable to cognitively make decisions.
Here are 3 of the top reasons we believe young adults should reevaluate their relationship with estate planning:
1. What do you want to happen to your assets?
Young adults these days are having to work incredibly hard to create financial stability and succeed in the workforce. Buying a car, buying a home, having savings, and paying off debts are all things that they are working hard to accomplish. Let’s imagine that you have begun to chip away at those goals and now own a car, a home, and have a nice 401(k) plan at work. It is important that you do not let these items go when you pass.
It is important to remember that the loss of a family member and close friend is devastating and unfortunately, not something that’s an enjoyable discussion. It’s not fun to prepare for death, but it is only reasonable to ensure your hard work will have not been done in vain, but it is also important to protect the ones you love most from having to deal with any additional stress during a time of crisis.
2. How would you like your life to be managed if you were incapacitated?
The goal of estate planning is not to focus on the possibilities of death or focus on the negative aspects of life. The ultimate goal in estate planning is for your dreams to be known and fulfilled, while also protecting the ones you love. Such occasions could look like life-support, organ donation, etc. This is why it is important to consider how you would like your life to be managed if a disaster was to happen.
3. What kind of desire do you have for your passing?
One of the least discussed aspects of estate planning involves discussing the way in which you want your possessions to be managed at the end of your life. The decisions surrounding funerals, cremation, and more are large stresses for family and friends after losing someone dear to them. This is a fantastic opportunity to make the difficult decisions ahead of time in order to provide support to your loved ones during a difficult time.
Estate planning is an opportunity for you to control your future and ensure that your wishes are fulfilled. It is also an opportunity to show your loved ones how important they were to you. Planning for these occasions is a powerful way to demonstrate love for those around you, but most importantly for yourself.
Speaking with a professional Estate Planner like Gary W. Crews can alleviate any stress you may have surrounding estate planning. It doesn’t have to be daunting, and our team is here to ensure you of that.
We are here for YOU!