When people think of wills and estate planning in general, they tend to think of older adults “getting their affairs in order.” It is quite common for people to wait until after they have children or even when they are getting close to retirement before they put together an estate plan.
Obviously, estate planning becomes more urgent as people are older, as they need to consider their medical needs as they age and the risk of dying as they approach their golden years. However, anyone who is over the age of 17 might benefit from putting together an estate plan, and there are several compelling reasons for someone to start estate planning earlier in adulthood.
Why might younger people benefit from creating a will and other estate planning documents?
Control over their property
No one knows when they will die, and some people will pass away much earlier in life than others. If someone doesn’t have a will already on record when they die, then Ohio state law determines who inherits their property. Unless someone wants their parents or other immediate family members to inherit most of their belongings, drafting a will is necessary to name their own beneficiaries.
Security for loved ones
It is more common than ever before for young adults to start romantic relationships without a plan to marry in the immediate future. Outside the bonds of a legal marital relationship, someone’s love interest may not have any financial protection when they die. Therefore, to provide for a romantic partner, it is often necessary to create a will.
Support for companion animals
People now wait longer than ever before to have children, which often means that in their twenties and early 30s, they have dogs, cats or other companion animals. Those animals might be at risk of ending up at a shelter or getting euthanized unless someone puts together a will or preferably a trust to provide resources for that pet after their death.
Younger adults may also benefit from the creation of powers of attorney and advanced medical directives so that they have someone to speak on their behalf if they end up unconscious due to an accident or otherwise medically incapacitated. Taking control of one’s future and one’s legacy through estate planning is a smart choice at any point in someone’s life.
