Writing a will is something often attributed to aging individuals who have accumulated a wide range of assets. However, younger individuals in Ontario should not overlook the value estate planning might have in their lives. Young adults may find that planning opens up important conversations, secures the future of loved ones and prevents litigation if they do happen to pass away unexpectedly.
It is hard for many young adults to imagine a circumstance in which they might pass away suddenly or become incapacitated. While this may seem unlikely, that does not mean it is impossible. Planning for this possibility can help ensure that children, assets, sentimental items and even online accounts are properly dealt with.
Young adults with children often have the most to consider when writing an estate plan. Parents should clarify who should get guardianship of their children, should they pass away. Without a will, probate court could make that determination for them.
Young people without children can also benefit from an estate plan, even if their assets are limited. Decisions for such individuals can include determining who would be able to make decisions on their behalf, should they become incapacitated, and designating a power of attorney. It’s worth bearing in mind that the legal next of kin may not hold the same values as the person who is incapacitated. Therefore, naming someone you trust to make decisions that fit your wishes is important.
Overall, anything with monetary or sentimental value is worth planning for. From pets to bank accounts, photos to passwords, young people have many assets they would want to care for and protect – in the event they can no longer do it themselves. Regardless of your age, it’s wise to set up a plan early on. Doing so can help ensure that your wishes are carried out – and your loved ones aren’t left trying to navigate through complex estate issues on their own.