Many people assume that planning their estate isn’t something that they need to consider while they are young. When your assets are limited and you are just starting out in life, planning that far ahead may seem out of context, and this is understandable. However, there are some good reasons for young people to have a plan in place, and they are not all financial.
Young people who have children are carrying a big responsibility, and though an untimely death may be unlikely, accidents do happen, and people do sometimes fall ill before their time. Even if you don’t have a lot of assets to pass along to your children in the event of your death, just about everyone can afford a life insurance policy, especially considering the low premiums that young people pay. Ask yourself where your spouse and your child or children would be financially if you were to pass on in accident. It is certainly better to be safe than sorry.
Another matter concerning any children a young couple may have is that of guardianship. Who would take care of your child or children if you and your spouse were to suffer a fatal accident on the roadways? Stating your intentions in this regard should be a part of your estate plan.
The last thing we would like to underscore is the need to record your preferences in regard to medical matters. You can use a health care proxy or medical power of attorney to name the individual that you would like to empower to make medical decision in your behalf should you become incapacitated. One may also choose to execute a living will, a document that you create to elucidate the types of treatments that you would be willing to accept and those that you would refuse in the event of your incapacitation.
It is clear that estate planning is a must for people who are getting on in age, but young people have good reasons to think ahead as well. Take control of your own affairs and get started planning your estate because you never know what the future has in store.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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