Estate planning is something that people tend to ignore, especially younger people who have no children to provide for. When you ask these people about preparing their will, they will often bristle at the idea and wonder why they would even have to worry about it if they do not have children. The truth is that the fate of your estate is something you should always be concerned with, even if you have no immediate heirs to consider.
Why Worry About It?
If you do not take care of estate planning before you pass away, even if you are young, then the state will decide what happens to your assets. You might think that you have no assets, but what about that vintage guitar you told your best friend he could have if anything ever happened to you? Your verbal promises are not going to stand up in probate court after you have passed away. You need to put it all in writing with an estate planner.
Even if you do not have children, there is a very good chance that you have other family members you would like to provide for if you pass away. Siblings, cousins, parents, aunts, uncles, and even grandparents might all need some sort of help that you could provide if you put an estate together before you passed away. The best part about estate planning is that you can change everything when you do have kids. But in the meantime, at least you will know that your assets will go someplace where they are needed.
Organizations You Cherish
Many people become involved with their colleges after they graduate as part of alumni groups doing fundraising and various other functions. Putting together an estate immediately after you have graduated from college can ensure that some or all of your assets go towards your beloved alumni organization.
If you managed to start a business in your youth or get involved in a charitable organization, then you might want to have your assets used to provide for those groups after you have passed away. Just because you have no children does not mean that your assets cannot go to some organization or person who needs them.
Start Your Legacy
When you do estate planning early in life, you can establish a legacy that will last for years if you pass away early and unexpectedly. You could use estate planning to create a small college fund each year for students at your high school, or you could create a fund to help members of your family who have special needs.
If you have always wanted to leave a legacy behind, then you have to consider the possibility that you may not be alive long enough to create a legacy. But with estate planning at an early age, you can make sure that your ideas and good deeds live on for years after you have passed away.
Unfortunately, most people who do not have children see little need for estate planning. If you do not make provisions for your assets after you have passed away, no matter what age you may be, then your estate will be at the mercy of your state’s probate court. The easiest way to avoid your estate being mishandled by the government is to create an estate when you can and create the guidelines that will be used to distribute your assets after you have passed away.