Why You Should Start Estate Planning In Your Twenties
Many young people are so fixated on trying to accrue experiences and wealth that they seldom ever think about the possibility of death. It is a foreign topic for most under thirty. “How could I die? I’m so young!” they might say. However, it is never too early to be prepared.
What Is Estate Planning?
Let’s address the elephant in the room. Estate planning is just a grandiose term for deciding what happens to your stuff after death. It gets its name from a time when all property was called an estate and passed down.
Now, though, it is more than land and a house. It can be that $2,000 between your mattress, the two tons of pottery equipment and supplies in your workshop, or the collection of figurines you’ve amassed over the last five years since you started working. Whatever it is, you probably don’t want the government taking it, pawning it for fees, and giving the rest to whomever they choose. That’s why you need a will or a living trust.
The Benefits Of Starting Early
A large majority of people wait until they are married or buy a house to draft up a will. It may be because they want their spouse to get everything, or they think a house is finally something valuable enough to pass on.
Drafting a will or establishing a living trust early will simplify what can be a complicated task. When you have a million things and a couple of dozen people who might deserve them, you’ll be wading through a mire of difficult decisions. However, when you are young, your belongings are more straightforward, and so are your relations.
By starting early, you also gain the skills to make big decisions later. Choosing whom to give your Lego Star Wars collection to may be emotional. However, it is undoubtedly easier than choosing which child gets the collection of priceless knives and which one gets the art collection that was accumulated over a lifetime.
Peace Of Mind With A Will
Having a will or a living trust often gives people of all ages peace of mind. The pandemic has left many people traumatized by the evidence of life’s impermanence. For the first time in many people’s lives, they witnessed perfectly healthy people, those they knew well, passing away.
Many realized they might have something of value, and they might pass unexpectedly from more than just the pandemic. The number of 18-to-34-year-olds taking estate planning seriously increased by 50% during the pandemic.
They chose to make a will or trust because, for many, it set their minds at ease, knowing whatever valuables they have will go to the right people and your valuables will end up in the hands of the person who most deserves them. And in death, you can be assured that you aren’t causing more grief.
Getting a will or trust isn’t just for old and wealthy people. It is truly an act of love for yourself and those around you. You can rest assured that the right people get the right things when you pass. It also sets you up for the future by giving you skills and means to make more complicated choices later. You may not be rushing to your local court to notarize a will the moment you turn 18, but it shouldn’t be too far off.