There is a misunderstanding amongst the young and single that there is no requirement for them to have an estate plan – that at this point in their young lives an estate plan serves no useful purpose.
Many youths do not think they require an estate plan. In their mind, they are either too young or have too little assets to require one. They also believe an estate plan is unaffordable. This could not be further away from the fact. For a young single person owning property valued at under $150,000, a modest estate plan, consisting of a Will combined with healthcare and monetary powers of attorney and an advance healthcare regulation will provide them with an adequate, budget-friendly and reliable estate plan at this moment in their lives.
So just what is this type of modest estate plan able to achieve for a younger person?
You can specify how you wish to be treated must you become incapacitated or not able to take part in your healthcare decisions.
In the advance healthcare instruction you specify the extent of life sustaining treatment you wish to receive in case you remain in a terminal medical situation or permanently unconscious and can not speak for yourself. By method of example, you can decide whether you wish to be kept on life support if you have no chance of ever coming out of a coma.
In a health care power of attorney, if you are not in an end of life situation however unable to interact, you can designate a representative to act on your behalf and make medical choices for you rather of leaving those choices up to complete strangers who have to think about what you would have wanted.
You pick what takes place with your social media accounts if you are no longer able to do so.
Social media accounts are considered property. In a monetary power of attorney you can define a representative who is to take obligation for your social media accounts and what is to be done with them in the occasion you are immobilized or otherwise unable to manage them at any duration throughout your life time. With a Will you can specify who you wish to take control of your social media accounts and what you would like done with them after your death. In the absence of correct estate planning, there have actually been numerous instances in which well intentioned good friends or household members have taken control of another person’s social media accounts and shared private info or posted things the original owner of the account would never have actually desired or which triggered unneeded suffering to member of the family and other liked ones.
You select what takes place to your personal effects after your death.
Although to you they might be of little financial value, those photos, high school yearbooks, keepsakes and other individual effects may be of fantastic emotional worth to your liked ones. By picking who gets what in your Will you can ensure your personal impacts go to the right individuals and avoid disagreements in between divorced parents and others. On the other hand, you may have individual photographs; a personal journal or other items you might desire ruined or discarded. With a Will you can choose what you wish to occur to those items of property.
Pets are individual property. Who do you wish to care for your family pets if you cannot?
With a Will you get to decide what happens to your personal effects including your animals when you die.
If you are a young person and do not have an estate plan, now is the time to put one in place simply in case the unanticipated occurs to you. I hope you never ever require it.