If you are in your late twenties or early thirties, you might have been able to build up some assets. You went to college, got a good job, and then potentially bought a house, a few cars, some vacation property, and other property that has a fair amount of value. Even if you are perfectly healthy, you might be wondering what is going to happen to it when you die. You probably aren't super concerned about this prospect, given the fact that you are still in the first third of your life, but it is worth thinking about. If you have kids or a spouse, you might want to make sure that they are taken care of. Here are some reasons why you might want to start estate planning when you are young.
1. It helps you be more responsible with your money.
The first reason why you might want to start estate planning while young, especially if you have kids or a spouse that you want to leave your assets to, is because it will help you see exactly what you would leave behind if you died today. This is important because it allows you to see how far your spouse and children would get on what you are leaving behind. It probably isn't the amount that you might be hoping for. This can be a reality check for you that will help spur you to save more, grow your wealth, and take other steps to make sure that you have something sizable to leave behind. It can also allow you to define goals and see where your money is really going. This can be the prompt that you need to open a savings account or some other action that will allow you to achieve your financial goals.
2. It helps you organize your finances.
If you are regularly looking at your finances in order to create or update your estate, you will not want to be confused as to where you left off. You will want to be able to look at your finances and determine what you need to change easily. This will help encourage you to leave your finances in an order fashion at all times, which will make it easier for you, as well as make it easier for a spouse or other loved one to determine what they need to do. Talk to a financial adviser for better ways to diversify your finances but still keep them easy to understand.
For more information, talk to a company that specializes in estate planning, such as Lynn Jackson Shultz & Lebrun PC.