Are estate plans only for old people?
(Richard I leaving England for the Crusades 1189, by Glen Warren Philpot―Richard was incapacitated on his return, having failed to appoint a single decision-maker, the governance of England was thrown into chaos).
I have several friends in their twenties and early thirties who have told me they don't need an estate plan yet. They are young and healthy. "I'm not at that point in my life yet," they tell me.
I disagree. Every adult needs an estate plan. Here is why—an estate plan helps you plan for more than death, it helps you plan for incapacity too.
Anyone can be incapacitated. You could get into a serious car accident, slip and fall in the shower, or even be the victim of a crime. What happens if you cannot make decisions for yourself? What if you are too hurt or injured to manage your finances? Without an estate plan in place, you won't get to decide who makes healthcare decisions for you. Without an estate plan in place, you won't get to decide who manages your finances. Without an estate plan in place, your wishes might never be considered because no one will know them.
An estate plan avoids these problems and more. An Advance Healthcare Directive and a Durable Power of Attorney, two key parts of an estate plan, let you choose who will make decisions for you and will enable you to clearly state your wishes. With an estate plan in place, you will have peace of mind because your wishes will be known and someone you trust will be making the decisions.
An estate plan also prevents family fights and even court battles. If your family knows what you want and who you trust to make decisions for you, they will be less likely to fight over important healthcare or financial decisions. Everyone can be on the same page because they know what you want.
These are just a few reasons even young and healthy people need an estate plan.
If you are interested in learning more, feel free to contact us. We love to help people prepare for their future and protect their assets.