Estate planning often goes hand-in-hand with creating a will, and most people believe that’s not something you need to worry about until you get older. But when it comes to estate planning, there’s no telling when you may need it. They’re meant to be there to carry out your intentions in the event that you aren’t able to make decisions on your own, and such accidents can happen even when you’re young. That’s why the professionals at Maggi Tax want to convey the importance of why young adults need estate plans.
1. Keep The Power Of Choice When You Can’t Make Decisions
Becoming disabled or incapacitated can happen to you at any age, regardless of how young or old you are. That’s why having an estate plan as soon as you can is always a good idea, otherwise, someone else may have to make important decisions for you centered around your finances, medical preferences, and more.
2. You May Have More Assets Than You Think
In this day and age, it’s become uncommon for young adults to have many assets. You don’t hear about many millennials or those from Gen Z owning a house or having investments. However, everyone has assets that they may not realize. For instance, you may have a decently sized 401(k) account if you work a full-time job. Even the cash in your bank that you may not see as significant enough to reallocate is still your property and worthy of being protected.
3. Authorize Who Can Access Your Digital Assets
Countless young adults do everything on their phones, including making payments and managing funds. But should you ever become disabled or incapacitated, it’s a good idea to appoint someone to acquire your login credentials to access your accounts for you. This includes your banking app, any money transaction apps, and even your social media apps. Your estate plan can state your chosen Durable Power of Attorney along with the means to access your digital assets.
4. Protect Your Loved Ones At Any Age
Estate plans also account for what happens to your family when you’re no longer able to care for them. You can choose who will take guardianship of your children or ensure that your spouse is the one who receives your assets. Nowadays, it’s common for young adults to be single with only animal companionship waiting for them at home. In this case, estate plans can still be of use to you since you will be able to decide where your pets will go, who will take care of them, and even how to care for them concerning medication or dietary instructions.
Call Maggi Tax Today To Get Started On Your Estate Plan!
It’s just as important for young adults to have an estate plan as any senior would, but who can you trust to assist you with the legalities of your wishes? Call Maggi Tax today at (727) 799-1701 for trustworthy and reliable financial advisors near you! We’ll help you set up a solid estate plan so you can worry less about what will happen to your loved ones and your hard-earned assets.