Many young people neglect to make estate plans. Sometimes, they do so because they prefer not to think about what would happen, should they die. In other instances, they neglect to do so because they feel they do not have enough assets, or because they believe there is plenty of time to do so later. As a young person, though, you may be remiss not to devote time and attention to making an estate plan, because there are a number of clear benefits that come with doing so.
What are some of the benefits associated with creating an estate plan early?
Benefit 1 – It gives you more control
Without an estate plan in place when you die, your estate becomes subject to the default rules in place in Texas. Having a clear estate plan helps ensure that you maintain more control over where your assets go after your death.
Benefit 2 – It may prove cost-effective
The costs associated with dying tend to increase year after year. Without an estate plan in place, your loved ones may have to come up with the money needed to bury and otherwise honor you, which may cause their own finances to take a serious hit.
Benefit 3 – It allows you to make personal medical decisions
When you create an estate plan early, you may want to include advance directives, such as a living will. Advance directives give you a chance to dictate what kind of medical treatment and care you want if you are unable to express your own wishes due to incapacitation.
While these are some key arguments as to why you may want to craft an estate plan early, please note that this is not an exhaustive list of all advantages that may come with doing so.