Many people often associate making an estate plan with getting older. They wrongly assume that it’s not necessary to make such a plan unless you are in your 40s or 50s. However, this is simply not the case. Estate plans are not only necessary for planning your legacy beyond your lifetime, but they also help you to manage accumulating assets, retirement plans, and health directives.
This is exactly why it is wise to start considering your estate plan as soon as possible, especially if you are in your 20s and have children. Doing so can help you to make a plan for your future financial goals, and it can give you peace of mind regarding how decisions would be made if you were to become severely ill or incapacitated. The following are some of the key reasons why it is never too early to make an estate plan.
Health care directives are advisable to anyone over the age of 18
When you are under the age of 18, you are considered a child in the eyes of the law. If you were to become severely ill at this age, your parents would be able to make decisions relating to your health care. However, once you become an adult, you have the ability to assign a person to make your health care decisions in the event of your becoming incapacitated. This is called setting up a health care directive, and it can be set up as part of your estate plan.
If you have a family, you should also have an estate plan
When you become a parent for the first time, it is likely that you will feel a new sense of responsibility that you have never felt before. You can fulfill part of this responsibility by creating a will. Your will can specify whom you would want your children to be held in the care of in a situation in which you or the other parent is unable to.
If you are considering planning your estate for the first time in the state of Georgia, it is important that you conduct thorough research. Learning about the different estate planning strategies will inspire you to explore your options.