Young people generally don’t spend too much time thinking about what will happen in the event they become incapacitated. After all, they have their whole life in front of them.
Unfortunately, life doesn’t always go according to plan and accidents or illness can catch people off guard. Estate planning doesn’t mean that you must obsess with death or other morbid subjects, it just means that you invest a little time in planning for the future. If you are a young person, estate planning can bring numerous benefits your way, particularly if you have children.
It can help you reaffirm your bonds and grow closer
As a young couple, the relationship or marriage might be fairly new. At some point, every relationship runs into challenges and difficult discussions need to be had. If you both manage to have an open discussion about estate planning, then there isn’t much that you will fear talking about in the future. Getting to know each other’s desires and wishes can bring peace of mind and a stronger bond of trust between partners.
You can protect your children
If you have young children, then they will mean the world to you. Every major decision in your life probably revolves around them. It is in their best interests to include the estate planning process in your decision-making. As a strong couple, you probably are safe in the thought that your partner will look after your children should something happen to you. But is this guaranteed? What if something happens to you both?
Estate planning instruments allow you to choose a legal guardian for your children. This could be a family member, a close friend or anyone else you deem suitable. What matters is that you get the final say in who should bring up your kids. Without an estate plan, the matter will be left in the hands of the courts, who may not be as tuned in to your children’s unique requirements.
Estate planning is not only for the elderly, and as a younger person, you should give it some thought. If you are confused about the process, there are a number of outlets out there to provide a clearer picture of your legal rights.