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Young, free and single? You still need an estate plan

On Behalf of | Oct 26, 2020 | Estate Planning |

If you intend to live fast and die young, you may not feel you need an estate plan. You might think it only applies to older people who have a family and lots of possessions. However, it applies to you as much as anyone.

Everyone owns something

While you may not own a house, have a retirement fund or have much in your bank account, you almost certainly own something. Even if you live your life as a minimalist, you will have things such as photos, a laptop or a couple of jewelry pieces. By making a simple estate plan, you could leave your sister that necklace she loves or give your mother access to the photos you store in the cloud.

Estate planning is about life, not just death

Whether you love throwing yourself down steep snow faces, surfing big waves or jumping huge drops on your motorcycle, you cannot rely on going out in a blaze of glory. Many expert thrill-seekers find themself needing long-term health care after an accident they survived. You can make health care choices as part of your plan. If the thought of being kept alive on a life support machine appalls you, you can make this clear with a health care directive.

Estate planning eases things for your family

Someone has to deal with things when you die. If you do not want to burden your elderly parents with extra work, it may be kinder to do as much as you can yourself while you are alive.

Estate planning does not have to be complicated

If you wake up one day and find yourself a happily married homeowner with two kids, you can update your estate plan to reflect this. For the moment, all you need is a simple plan that will not require much time or money to create.