There is a mistaken belief among the young and single that there is no requirement for them to have an estate plan – that at this point in their young lives an estate plan serves no helpful function.
The majority of young people do not think they require an estate plan. In their mind, they are either too young or have too little assets to need one. They likewise believe an estate plan is unaffordable. This could not be further away from the fact. For a young single individual owning property valued at under $150,000, a modest estate plan, consisting of a Will combined with health care and financial powers of lawyer and an advance health care regulation will offer them with an adequate, affordable and effective estate plan at this point in their lives.
So just what is this type of modest estate plan able to achieve for a younger person?
You can define how you wish to be dealt with need to you become incapacitated or unable to participate in your medical care decisions.
In the advance healthcare regulation you specify the level of life sustaining treatment you desire to get in the event you remain in a terminal medical scenario or completely unconscious and can not speak for yourself. By method of example, you can choose whether you wish to be kept life assistance if you have no chance of ever coming out of a coma.
In a healthcare power of attorney, if you are not in an end of life situation however not able to communicate, you can designate a representative to act on your behalf and make medical decisions for you instead of leaving those choices approximately complete strangers who need to think about what you would have wanted.
You select what happens with your social networks accounts if you are no longer able to do so.
Social media accounts are considered property. In a monetary power of attorney you can define an agent who is to take responsibility for your social media accounts and what is to be finished with them in case you are immobilized or otherwise unable to manage them at any period throughout your lifetime. With a Will you can specify who you wish to take control of your social networks accounts and what you would like done with them after your death. In the absence of proper estate planning, there have been various circumstances in which well intentioned buddies or household members have actually taken control of someone else’s social networks accounts and shared private information or posted things the initial owner of the account would never ever have actually wanted or which triggered unnecessary anguish to member of the family and other loved ones.
You choose what occurs to your personal effects after your death.
Although to you they might be of little monetary value, those photographs, high school yearbooks, mementos and other personal effects may be of excellent emotional worth to your loved ones. By choosing who gets what in your Will you can make sure your personal effects go to the best individuals and avoid disputes between divorced moms and dads and others. On the other hand, you may have personal photographs; a personal journal or other items you may desire ruined or discarded. With a Will you can select what you want to happen to those items of property.
Pets are personal property. Who do you want to take care of your animals if you cannot?
With a Will you get to decide what occurs to your personal effects including your pets when you die.
If you are a young adult and do not have an estate plan, now is the time to put one in place just in case the unexpected happens to you. I hope you never ever need it.