2 Reasons Even Young People Need An Estate Plan

There are many people who wonder if they need an estate plan. In fact, many people mistakenly think that getting an estate plan is only a good idea for those in their golden years. This couldn't be more far from the truth. Getting an estate plan while you are young is essential. Every person who is of legal age should have some sort of an estate plan. Here are a couple reasons that everyone should have an estate plan.

1. Appoint A Guardian Over Minor Children

If you have minor children, an estate plan is essential for you. If you were to pass away, you need to appoint someone to care for your children. If you don't have a will that says who gets custody of your children, the state will be in charge of appointing a guardian.

A judge doesn't know your children, your extended family or the unique personalities and needs of your children. This is why it shouldn't be a judge who chooses where your children are put; it should be you. 

2. Medical, Legal and Financial Power Of Attorney

Another important aspect of an estate plan is getting power of attorney for your medical, legal and financial needs. What this means is that if something were to happen to you where you were unable to speak for yourself, you have appointed someone who can make those decisions for you.

For example, assume you were in a car accident that left you unconscious. Who would make the decisions about your medical treatment? If you are over 18, the state would have to appoint someone to care for you. This could be very frustrating for your family, not to mention it could delay your treatment, since it can take time to appoint someone.

In addition, you need someone to make financial and legal decisions for you. Your financial power of attorney can withdraw money from your account, pay your bills and manage your money if you are not able to. This is very important seeing that your family may not be able to get their money if you are incapacitated or unable to function in any way.

These are just two of the many reasons why young people need an estate plan. You shouldn't put it off. You can easily meet with an attorney at a legal office like Cadwallader Law Offices and get all of this in writing so that you are protected.