Failing to plan wisely for your own death or disability can create serious consequences for your loved ones.
If you don't have a valid will in place, the state will decide how your possessions and assets are distributed. That could tie up your estate in a complicated process that leaves less in the end for your survivors. Or, if you are rendered mentally disabled, who will be responsible for your care? If you go into a coma, who would pay for your medical care? All these decisions will dictated by the court if you do not plan in advance. By failing to create a will, you are leaving the fate and financial security of your family at the mercy of strangers.
Don't make the mistake of thinking that estate planning is only for the elderly and the rich. Nobody likes to think about the prospect of being old, disabled, incapacitated, or about dying, especially when you're still young and healthy. But this is actually the right time to pause and think about your finances, your possessions and your family. Regardless of your age or financial status, It is important to have an estate plan if you wish to protect your family against every adversity even when you are not around. Don't make your busy schedule an excuse and put off the plan until you're richer or older, because this can create unintended consequences for your family.
The biggest mistake millennials make is that they associate estate planning with the elderly and the affluent. They feel that they have enough time to plan such serious stuff. Millennials rarely know what an estate plan is and why it is necessary for families with children. This is why young professionals often don't have their financial affairs in order. An estate plan protects your spouse and children from financial difficulties and provides you with complete peace of mind. It plays a crucial role in deciding how your assets are distributed upon your death. It allows you to decide who will receive your property and financial assets if you die an unnatural death. If you think singles can escape the hassle of estate planning, you are mistaken! Everybody has assets and belongings that should be designated in advance.