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4 Reasons Young Healthy People in California Need Estate Plans

Posted on in Estate Planning

CA estate lawyerThe trope of a person who is sick and elderly, perhaps on their death bed, calling an attorney to make a will at the last possible second is best left to movies and TV. In reality, the best time to do all your estate planning is while you are young and healthy. A lot of younger adults do not consider estate planning a necessity for a variety of reasons, a big one being that they do not expect to die or become incapacitated for many years to come. However, over the past two years, it has become clear that life can be quite unpredictable. A complete estate plan, comprised of both incapacity planning documents like a living will and testamentary documents, like a regular will, can lend some predictability and stability to a potentially chaotic situation.

If I am Young and Healthy, Why Should I Have an Estate Plan?

It is not unreasonable that many younger adults find the entire subject a bit saddening. It can be particularly difficult for young people to consider their mortality, or to consider the possibility that they could become incapacitated. However, it is wise to do so. Reasons that young healthy people also need estate plans include:

  • Temporary incapacity - We often think of age-related conditions, like dementia, in this area. However, temporary incapacity can happen to young people due to an injury or illness. In the event that you get hurt in a car accident, or sick with COVID, and cannot speak for yourself, you will be glad to have powers of attorney designating the person you would like to make decisions on your behalf and a living will. These documents may look different for young people, who may want more intensive forms of medical care than someone who has less chance of recovery.
  • Family concerns - The unexpected death of a younger person can shake up a family in ways that the expected passing of an elderly relative would not. The lack of an estate plan can complicate the situation, leading to additional difficulties and sometimes conflict.
  • Minor children - Young parents should always have an estate plan in place that protects their children. No parent wants to think of their child growing up without them, but it is better to know that your children would be well cared for.
  • Conflict avoidance - When a person is incapacitated, they must rely on others to speak for them. When no one individual has been named in a power of attorney, families may have serious disagreements over how the situation should be addressed. Your parents or other relatives may have conflicting religious or moral beliefs regarding life-preserving treatment. Especially if you had not made your wishes well-known, this can lead to significant conflict and even litigation.

Even if you are young and healthy, things can change very quickly. Families and individuals alike are protected when everyone has an estate plan in place, regardless of age or health.

Call a California Estate Planning Attorney

If you are ready to begin putting a few estate planning documents in place, Law Office of David Schechet is available to help. Our experienced California estate planning lawyers are skilled at crafting estate plans unique to each client’s needs. Call us at 800-282-4731 for a free consultation.

 

Source:

https://www.forbes.com/sites/halseyschreier/2020/07/30/personal-finance-for-young-adults-estate-planning/

 

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