Many people are waiting longer before having children or getting married. These individuals have started careers in their chosen professions and have started building retirement accounts. They may have purchased a home and are well on their way toward realizing some of their major life goals.
In your 20s and 30s when you are just starting out, you may not think that estate planning is something that you need to worry about. You might think that you need to have a family before you communicate some of your final wishes, but this might be a very bad decision that leaves a huge mess when you pass away. This posting discusses some of the reasons why you need to create an estate plan as soon as possible.
It allows you to carefully state your health care wishes
Perhaps the most important reason for you to create an estate plan is that is allows you to carefully state what sort of medical care you should receive in the event that you become incapacitated in some manner. This is absolutely necessary as incapacitation can happen to any one at any time. If you have not taken the time to create an advance medical directive or medical power of attorney, your loved ones will be forced to make a difficult decision without any direction from you.
You are able to clearly communicate who should receive certain properties
Do you have a friend that you want to leave specific property to when you pass away? Does everyone in your family know that you want this property to go to that individual? Well, without a will, your family members are under no obligation to make sure that your wishes are carried out.
United Kingdom intestate laws state what happens to property when a person dies without a will or other estate planning documents. These laws pass property down to closest remaining family members. Friends and acquaintances are not included in these laws. If you die without an estate plan, your property will go to family members.
Speak to an attorney about your situation
You may not even realize that you need to seriously think about your estate planning needs. Without consulting an experienced estate planning attorney, you will be unable to be sure that your final wishes will be carried out after you pass away.
Your attorney will be able to help you understand all of the various options that are available to you, and help you create a plan that protects you and your family. You should not wait to have these discussions, as any delay could leave your loved ones in a very difficult position.
