Estate Planning for Young Adults: Why It's Never Too Early to Start

When the topic of estate planning comes to mind, most people assume these services are only necessary for older adults. If you are in the younger years of life, it’s easy to feel like you have plenty of time for estate planning in the future.

But the truth is that estate planning can be beneficial for people of all ages. In fact, financial experts will agree: it’s never too early to start preparing for the future.

Here are a few reasons why you should start with estate planning right now instead of waiting to handle it in the future:

Protecting Your Assets

Do you have any assets that you want to protect? Building assets in the earlier adult years sets you up for success later in life. Designing an estate plan can protect these assets in case something happens unexpectedly. Regardless of the value of your assets, it’s worth the effort to protect them.

Examples of assets that can be put in your estate plan include:

· House

· Car

· Savings accounts

· Small businesses

If you don’t have an estate plan, there is a risk of these assets being caught in probate court for many years after you are gone, which means your loved ones won’t have access to the resources.

Minimizing Probate and Taxes

Many logistical details need to happen when distributing an estate. If you pass away, the assets will go through probate, and the court will decide how to handle the assets. This process can be expensive, lengthy, and stressful. However, an estate plan ensures that your assets are handled as you desire, helping to minimize probate as much as possible.

Additionally, an estate plan can reduce the likelihood of your beneficiaries losing too much in taxes. There are ways to design an estate plan to minimize tax liability.

Providing for Your Dependents

An estate plan can ensure that your loved ones are cared for in the future. You might have children, aging parents, or any other dependents that need to be watched over. Through your estate plan, you can set up a trust for your dependents, assign power of attorney, and even name guardians for your children.

Talk to the Estate Planning Experts

You deserve the peace of mind to know that you are prepared for anything that might happen in the future. For more information about estate planning, contact our experienced team at Miles & Hatcher, LLP. Call at your convenience: (909) 481-4080.