Recently, there has been several stories in the news about young people dying intestate. That means there is no will, no estate plan, no executor listed in any legal document. Estate plans aren’t just for the old and/or wealthy. They are for everyone who has possessions to bequeath to someone if the worst should happen and you end up passing away at an early age.
An estate plan simply gives you a voice for what happens to your assets if you are no longer able to make everyone know your intentions. It gives those left behind a clear path as to what to do on your behalf.
Part of this estate plan can be what you want done medically if you are unable to make a decision. If you don’t let anyone know, they may assume that you want all types of heroic efforts to keep you alive by a machine, much like what happened to Bobbi Christina Brown, Whitney Houston’s daughter. There were disagreements and arguments that occurred that could have been avoided if there was an estate plan.
If you are no longer able to take care of your social media accounts, who does that on your behalf? Believe it or not, this is a major issue for many young people today. For example, if one of your cousins were to have access and post on your behalf, would what he or she says be fine with you? Or would you rather tell this person ahead of time what needs to occur?
There will be burial costs when you pass away. Who is responsible for these? Over 95 million adults in America do not have life insurance. Be considerate of those left behind and at least have a burial policy in place to take care of these expenses.
Having a plan in place is such a relief to those who participate in the process of understanding what needs to be done with a knowledgeable and experienced attorney. It can give you peace of mind knowing that all this activity will be directed by you, even if you aren’t there.
Source: Forbes, “Young people need estate planning too,” Tania Brown, Aug. 20, 2015