Many young Maryland residents may believe that they do not need to bother making their end-of-life wishes known. Because they likely believe the ends of their lives are still a ways off, they may not feel pressed to make an estate plan. However, even as a 20-something, estate planning can make a considerable difference in a person’s life.
Once over the age of 18, an individual needs to appoint another person to make decisions in the event that decisions cannot be made on one’s own. Of course, many people at or around this age likely consider the idea unnecessary. However, anyone of any age could become incapacitated due to an accident or other event, and if the individual has not created a health care proxy or power of attorney, his or her decisions could be left up to chance.
Individuals may also want to consider who they would like to name as beneficiaries. Though many young people may not have numerous or exceedingly valuable assets, detailing how those assets should be distributed could save surviving family time and stress in the event of an untimely death. Creating a will can also prevent the court and state law from deciding what to do with a person’s estate.
An estate plan can act as a valuable tool for anyone. If young individuals choose to create a plan, they can later update those plans as their lives change. Therefore, parties may not want to put off making plans because they believe they do not enough property at their current age. Maryland residents of any age who wish to get started making their estate plans may wish to consult with experienced attorneys who can assist during the process.
Source: Yahoo, “Why You Should Start Estate Planning in Your 20s“, Maryalene LaPonsie, March 16, 2017