When you become an adult there are a number of core responsibilities that you take on, and estate planning is one of them. To provide a metaphor that would be useful to consider, when you purchase a brand-new car you have no intention of totaling it in an accident. Yet, you carry insurance because you want to be protected in case this unlikely event takes place. You may say that the law requires all drivers to have insurance, but even if it didn’t it is very likely that you would want to ensure your investment for your own protection.
It is useful for younger adults to look at estate planning in the same manner. The average life span these days is just over 78 years, but of course this is an average; people pass away due to catastrophic illnesses and unexpected accidents at all ages each and every day. Though the odds suggest that you will live into your mid-to-late 70s no one knows what the future holds.
Even though single young adults should have an estate plan in place that includes advance health care directives, it becomes all the more essential when you are married and someone is depending on your income. When you have children your responsibility level increases exponentially and estate planning becomes an absolute must. You should have adequate life insurance to provide for your family and make sure that you have a guardian in place who will care for your children should you and your spouse pass away together in an accident.
Through a simple visit with an estate planning attorney you can get all your ducks in a row and walk out of the office with a significant weight off your shoulders. When you gamble without an estate plan you are putting your family at risk, and this is something to keep in mind if you do not yet have an estate plan in place.
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