5 Reasons Why Young Adults Should Consider Estate Planning
Estate planning isn’t only for people who will retire soon. However, it is also essential for young adults to consider discussing their future. In hindsight, estate planning is a way to prepare people from the unexpected—catastrophes, sudden changes in plans, and other circumstances no one foresees. But what should young adults consider in estate planning? Here are some ideas.
1. Having Someone to Speak on Their Behalf
No one is guaranteed to have a long life. Though young adults are mostly in good health, there are times when circumstances are beyond their control. Therefore, it is essential to have someone to speak on their behalf. While young adults are still in a good state, discussing their wishes with their parents, siblings, or other family members is best. Discussing possibilities early on would help everyone in the family plan accordingly. If there are no other people to speak on their behalf, it is best to have a lawyer plan their estate.
2. Designating Someone to Decide For You
When people are sick, even when they are young, they may be unable to make decisions themselves. For example, someone with cancer may have to undergo chemotherapy. This type of treatment usually involves using drugs that could be toxic to the body.
However, these drugs could be the only ones to save a person’s life. Therefore, medical personnel cannot proceed with the treatment without the patient’s consent. If the patient is in this situation, it is best to have someone else decide for them. This person can be a spouse, sibling, or a designated lawyer.
3. Settling Probate Issues
Probate is a legal process that determines who gets what property after a person’s death. But it can also be used to determine the person’s final expenses. It can also settle any final debts the person may have.
The probate court will decide who gets what if the person doesn’t have a will. It can take a long time. Therefore, if the medical staff needs to know who to contact about the person’s medical care, it is best to have someone else decide for them.
4. Assigning Guardians For Left Children
If someone with children dies unexpectedly, the court will decide who will be the most suitable guardian to care for the l children left. However, there are instances where the court’s choice is not the best for the scenario, putting the kids in danger.
Therefore, people who consider estate planning early on will mitigate the chances of putting their children at risk in the wrong hands. For example, they can assign people who can take guardianship for the children they left, someone they know personally and believe is the best for their kids.
5. Assigning a Family Member to Decide For You
Although it is always a good idea to have someone else take over your estate in the case of your death, it is essential to consider who will be the best person to handle the situation. If you have children, you should assign someone best suited to manage them. If you have other family members, you should set someone you know will take good care of them.
Many benefits come from estate planning. One of the most important is that it can help you avoid probate. Probate is a time-consuming, costly, and complicated legal process the state requires when you die. By having your estate plan in place, you can avoid probate entirely.
Estate Planning Lawyers Colorado aims to help people secure their future through estate planning. Our estate planning attorney in Colorado should guide clients into securing their future however they want to. Check out our wills and probate lawyers in Colorado and work with them to find the most suitable solution for your needs.