A large part of estate planning does center around death. However, there is so much more to it.
Young people tend to believe they have decades in front of them, so don’t need to think about estate planning. While the former may be true, there is no harm in planning for all possibilities, and accidents can occur. Sadly, some illnesses do not discriminate between older and younger individuals.
Outlined below are a few reasons why young couples should think about estate planning.
Continuing your legacy
You and your partner have spent much of your life dedicating time to charitable causes. You’ve been around the world together to raise funds and assist people in need. These charities are among the most important things in your lives, and you want to contribute for the foreseeable future. With an estate plan, you can guarantee that this happens, in any circumstances. Looking after charitable causes and continuing your legacy as a couple is just one reason why you may want to think about estate planning.
Protecting your children
Estate planning gives you the opportunity to provide for your family financially. With a will, you can designate who is to receive your assets and savings. There are other instruments, such as trusts, that can ensure your kids get a decent education. Additionally, estate planning can ensure that your children are looked after in other ways. You will be able to name a suitable legal guardian who can look after your kids should something happen to you and your partner. While financial elements are important, the peace of mind in knowing that your children will be cared for is priceless.
Many young people put off estate planning and it’s crucial to buck this trend. If you have any questions about your estate, it may be in your best interests to seek guidance from a knowledgeable party.
