Estate planning is often thought of as something that only elderly individuals need to do, but this is far from the truth. Estate planning can help adults of all ages to better safeguard their interests.
Drafting a will may be the last thing on the mind of a young adult, but there are several functions that a will can serve for this age group. Here are a few key factors to consider.
Providing for your unmarried partner
While marriage does signal commitment, this doesn’t mean that unmarried partners are any less committed. Marriage is a choice, and some long-term partners prefer not to get married. Others may have it on their list of priorities, but they are saving for the perfect wedding day.
Nonetheless, marriage does offer partners certain legal protections that unmarried partners do not have. For instance, an unmarried partner is not automatically entitled to inherit assets should their significant other pass away suddenly. A will can help with this. Unmarried partners are able to name one another as beneficiaries in the will, meaning that they do inherit assets should an unexpected death occur.
Guardians for your children
It is important to note that a will can do more than provide instructions on how your assets should be divided upon your death. You can also name guardians in your will to look after your young children. While your partner may be willing to look after your children should something happen to you, it is best to have this written down in a legally binding agreement.
Many young adults take the chance of putting off drafting a will, which can result in legal disputes between friends and family members in the event of a tragedy. Thankfully, engaging in this consequential endeavor can be a fairly straightforward undertaking if you work with a skilled legal team on making your wishes enforceable.
