There is a common misconception that writing a will is something that only rich older people do. However, young people also have assets to pass on and family worth considering.
Your 20s are perfect years to start the estate planning process. When you understand how a will can alleviate your family’s concerns and what the consequences might be for lacking a plan, you will see why it is never too early to start thinking about the future.
Why you should have an estate plan
Starting an estate plan early can save you a lot of time and effort in the long run, even if you are still a young adult with few assets. You can start with a simple will that does nothing more than name beneficiaries for your inheritance. Doing so establishes a groundwork that you can easily build upon as you accumulate more assets over the years. This is especially important if you are a new parent who wants to ensure that your children will receive proper care in a worst-case scenario.
What can happen if you wait too long
If you are a young parent, be aware that guardianship of your underage children will be under question if you pass away without putting your intentions into writing. Your surviving family may also have to undergo lengthy court proceedings to determine the fate of your assets. This can be especially tricky if you put off your estate planning for several decades as your asset profile becomes increasingly complex.
Estate planning is not the sole territory of wealthy individuals. It is a courtesy that young adults can extend to their family and offspring so that everyone can enjoy peace of mind.