Many older adults are aware of the necessity of having a living will. However, it’s important to begin thinking about this process as a young professional as well. Once you’re out on your own, and have any sizable assets it’s important to protect them in case the worst does arise.
Over a quarter million adults are hospitalized due to injury every single year. It’s always a good idea to plan for the worst, even if it never happens. Once you turn 18 you’re legally considered an adult, so it’s crucial you consider what you need to add to your living will.
In this post we’re going to highlight why you need to consider a living will and the top benefits you’ll receive once your living will is set up.
Do You Need A Living Will?
A living will allows you to appoint another person to make decisions on your behalf if you happen to become incapacitated. When you’re 18 to 25 this might only be your parent, or an older sibling.
But, if you want to retain some semblance of control, then it’s important that you use the living will as a point to specify who’s going to be the one making decisions.
It should also be noted that you usually don’t have any special rights when you’re cohabiting with a significant other. So, if you wish your girlfriend, or boyfriend to make decisions on your behalf, then you must specify this with a living will.
Top Benefits Of A Living Will
As noted above living wills can be very beneficial for young adults across a wide variety of professions.
1. Can Save You Money
If you happen to have a lot of assets saved up as a young adult it can be beneficial to try to avoid probate. With a valid will, if anything unfortunate happens to you, you can avoid the costly and lengthy probate process.
This means your assets will be distributed to your family and loved ones much faster.
2. Offers You Flexibility
Living wills can be changed throughout your life. Essentially, they’re tools that leave you protected no matter your age or circumstances.
Think of them as a support blanket in case something in your life or health goes awry.
3. Affords You Control
As a young adult you may not have many possessions or assets. But, everyone’s case is different. It’s important to at least start thinking about setting up a living will while you’re young.
Many people wait until it’s too late, and their assets end up being distributed against their wishes.
If you’re interested in setting up a living will, then get in touch with one of our legal professionals today.