The world awaits you, and you already have embarked on your journey. As a young professional earning much more money than others your age, you think that nothing can stop you. And along the way you do not even think about certain things at all.
What things? Well, estate planning for one. As a single millennial, you cannot even comprehend mortality because you have so many years ahead of you. Estate planning? There is always tomorrow. But before you follow that mantra, you may want to consider the consequences if you do not have an estate plan.
Marriage, parenthood and digital assets
Estate planning is not just for people above the age of 40, those who are parents or people who have serious health problems. Young people, too, must take a serious look at estate planning and assemble a decisive plan.
Here are a few reasons why even people in their 20s should consider creating an estate plan:
- Marriage: No matter what age when you marry your spouse, you should get an estate plan if you have not done so already. Having a will or trust means you are serious about protecting your assets and your spouse.
- Living with a partner but not married: If you have lived together for just a few or several years, it is a good idea to get a will. This document should include instructions as to what will be awarded to your partner. Otherwise, he or she may be left with nothing, despite years of personal investment in the relationship.
- Property owner: Whether it is a residential home, townhouse, condominium or investment property, this property is a valuable asset. You must understand and address this in your estate plan.
- Parenthood: As a parent, you have little ones who are dependent on you. But what if something happens to you? This is why it is crucial to name a legal guardian for your minor children. Also, your will should include a testamentary trust in which a trustee manages the assets until your children reach a specific age.
- Existence of digital assets: Whether you own cryptocurrency or have an abundance of social media accounts, digital assets can cause frustration with your surviving family. Delegate the right person to manage your online presence and cryptocurrency.
These examples simply represent some of the reasons why young professionals should seriously consider creating an estate plan.
Protecting your assets
You have proven how responsible you are in your professional and personal lives. But you need to continue to advance and take steps that will ultimately protect your assets. An estate plan will do just that, and the decisions within this document are yours.