The process of estate planning is something that is often overlooked by younger adults, but in reality, this is a mistake.
Of course there is a clear-cut life expectancy. At the present time, the life expectancy is right around 78 years. However, this does not mean that you should wait until you are in your seventies to plan your estate.
You never know what the future holds, and it is better to be safe than to be sorry. We all carry insurance even when we don’t think that we will ever use it. People of all ages do pass away every day, so everyone should be prepared for this basic fact of life.
If you are a single young person and your resources are limited, you may have a point if you feel as though you really don’t need an estate plan. However, things are different for parents of minor children.
In this day and age, most families rely on two incomes to maintain a reasonable standard of living. Your family could be left in a very bad financial situation if you were to pass away unexpectedly. If you plan your estate properly, you can make sure that there is an income replacement component.
It is also important to prepare for possible incapacity. There is a very well-known case that is instructive on this level. A young woman named Terri Schiavo suffered full cardiac arrest when she was in her twenties, and she fell into a vegetative state.
A living will is an estate planning device that is used to state your wishes regarding the utilization of life-sustaining measures. Terri did not have a living will.
Doctors were keeping her alive through the utilization of a feeding tube for a number of years. Her husband ultimately felt as though she would want the feeding tube removed, but her parents disagree, and a bitter court battle ensued.
The acrimony could have been avoided, and Schiavo’s own true wishes would have been carried out if she had executed a living will as part of a basic estate plan.
Long-Term Financial Planning
There is another dimension to consider if you are a relatively young adult. Estate planning is important, but you should also look ahead toward your retirement years, and the twilight years that will follow.
These years can seem like they are an eternity away, but if you ask any older person, they will tell you that time passes quickly. If you see a broad picture, you will be comfortably prepared for each stage of life.
If you are convinced, our firm would be glad to help. We offer free consultations, and you can send us a message through this page to set up an appointment: Smithtown Long Island Estate Planning Attorneys.
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