Let’s be clear about this: Nobody really likes to contemplate their own mortality. It’s just not pleasant. It can seem a particularly gruesome focus when you’re young and healthy — and if you. Many who are also unmarried, childless and broke may not even think they need an estate plan.
You’re wrong. Everyone, even college students and other young people who are just venturing out on their own can benefit from an estate plan. Estate plans are about far more than just your will. Here are some things to consider:
- What happens if you’re in a serious accident or you get sick? If you’re incapacitated, you won’t be able to direct any decisions about your health or pay your bills on your own. A good estate plan will take that kind of situation into account through the designation of powers of attorney for both health care and financial matters to someone you trust.
- What happens if you’re killed due to someone else’s mistake? As awful as it sounds, it happens all the time. Your estate may then pursue a wrongful death claim. If you want a say in how any compensation should be divided, a will may be the best way to do it.
- What happens to your personal effects? Almost everyone has some personal possessions that matter to them — and it may be important to get those items into the right hands if something happens to you. Maybe you want your record collection to go to your best friend or a special bracelet to go to a younger sibling.
No matter what your age or social situation, it’s better to have an estate plan in place. An attorney can help you figure out the best options.