Contrary to popular belief, estate planning is not something that is confined to senior citizens. As unfortunate as it may be, people of all ages pass away every single day leaving loved ones behind.
Estate planning can be accurately described as a core responsibility of adulthood. This is one reason why many employers immediately offer new employees life insurance policies (a part of estate planning), with the employer usually providing a base level of coverage at no cost to the employee.
Life insurance is a very valuable vehicle of income replacement. If you’re single it is less important than if you are married, but even if you are unmarried, your family will be able to cover your final expenses with your life insurance proceeds rather than having to shoulder the cost, which can be considerable.
But if you are married, life insurance becomes absolutely essential because it is very likely that your spouse and your children rely on your income to maintain their standard of living. Losing a loved one is a devastating experience; but if it is coupled with financial hardship, it can be overwhelming.
Incapacity planning is something everyone should engage in as well. If you think back to the case of Terri Schiavo, you can see why people of all ages should have a living will and a durable medical power of attorney in place to avoid misunderstandings among family members should an individual fall into an incapacitated state unexpectedly.
Another reason why it is a good idea to sit down with an estate planning attorney to devise a plan at a young age is because retirement planning and estate planning are inextricably intertwined. If you have the foresight to map out a strategy early in your life, it becomes easier for you to enjoy your retirement while crafting a robust legacy for the benefit of future generations.