When you're young and carefree, probably the last thing on your mind is planning for the future. However, life is unpredictable. There may be challenges even when you're young. No one wants to think about the "what ifs," but planning for those maybes may save you and your family members a lot of grief should the unthinkable happen.
That's where estate planning comes into play. It's not just for older Maryland residents. Tragedy can strike at any age. Having an estate plan even when you're young and single may give you peace of mind and be your voice when you can't speak.
You lead the way
If tragedy should strike and you die prematurely, an estate plan lets your loved ones know how you would want things handled. From your valued possessions to funeral arrangements, an estate plan can ease the burden on loved ones, including parents. If something happens and you can't make your own decisions, how would you want your family to handle your health care? These are all things you can address in your estate plan, specifically through a health care directive. Such a plan ensures your medical wishes are carried out and you do not put your loved ones in a situation in which they are guessing as to what you would like.Â
The social media dilemma
You likely have Twitter, Facebook, Instagram and possibly other social media accounts. You certainly wouldn't want just anyone being able to post from your account. You can mention all your social media accounts in your estate plan, including passwords. The information will then be easily passable to someone you trust to take care of your pages if you can't or to possibly turn them into memorial pages.
Your much-loved items
The old adage, "you can't take it with you," certainly is true in many cases. There have been instances when someone's burial has included a treasured or sentimental object going with them, and that is something else you can make clear in your estate plan. But what about your other things? Do you want specific people to have specific things? There won't be any mistakes if you include instructions in your estate plan. The same goes for any monetary assets you have.
Who picks up the tab?
In the event of your death, who will pay for your funeral? This is one reason you might want to look into life insurance. Funerals are expensive, and perhaps your funeral expenses would put financial pressure on your loved ones. You likely would want to limit the amount of stress as much as possible on your grieving family during this trying time.