You may think that because you are in your early 20s with no dependents and few assets that you don’t need an estate plan. But all adults should draft a few basic estate planning documents.
Why is that, you may wonder? Well, very few people have nothing of value to pass along after the die. You likely have a car or truck, a checking account, maybe a savings account. If you are working, you may even have some money socked away in a retirement account.
Then, too, you have personal possessions that may be valuable. At least to friends and family members, these items would have some deep sentimental value if you were to pass on early in life. Without an estate plan, you have no control over who winds up with all these things. Drafting a simple will now can give you the peace of mind that you need.
But don’t stop there. You should also name a health care power power of attorney who can make decisions about your treatment should you become incapacitated and unable to make those decisions for yourself.
A third important estate planning document is a living will, sometimes referred to as an advanced directive. This details the type of care and resuscitative efforts you would like in the event that you suffer a very serious injury. If you were to be left in a vegetative state after an accident, for instance, would you want to be fed by a tube and kept alive on a ventilator? Or would you prefer to be kept comfortable and allowed to pass away on your own?
These are all deeply personal decisions that you should consider now while you are able. Should you decide to learn more, we can help you get started with some basic estate planning when you are ready.