Our readers in their 20s, 30s and even 40s may feel like they are too young for an estate plan. They may still be single, childless or both, and still at the start of their careers. And admit it: the idea of dying so young seems almost impossible, doesn’t it?
The truth is, none of us can predict when the end will come. It is never too early to plan for the inevitable. Even if your estate is relatively modest, you likely would still like to decide where it will go in case you do pass away younger than expected.
As Forbes reminds us, besides distributing money and property, a solid estate plan will also contain things like health care directives. A health care directive provides instructions for how extensively you want to be treated medically, in the event that you are unable to speak for yourself during a serious illness or after a terrible accident.
If you do not have an estate plan, there is a good chance you do not have life insurance either. This can leave your next of kin wondering how to pay for burial expenses, which is something for someone of any age to consider. You may also wish to make plans for handling your social media accounts after you die. Finally, everyone has items of sentimental value, even if they are not financially valuable.
The good news is, people with a relatively few assets can usually draw up their estate plan fairly quickly and with little expense. Then they can enjoy peace of mind knowing they are in control of their finances and health.