7 Reasons to Consult an Estate Planning Lawyer in Your 20s
Estate planning might not be the first thing on your mind in your 20s, but it’s a crucial step towards securing your future and protecting your loved ones. Many people assume estate planning is only for the wealthy or those nearing retirement. However, starting early can provide numerous benefits that will pay off throughout your life. Here are seven compelling reasons to consult an estate planning lawyer in your 20s.
1. Protect Your Assets
Even in your 20s, you likely have assets worth protecting—from savings accounts and vehicles to personal belongings or digital assets like intellectual property or cryptocurrencies. Additionally, many people in their 20s overlook significant assets like superannuation and life insurance. These are often substantial resources that can benefit your family in the event of your passing, but their management requires careful planning.
Why It Matters:
Superannuation death benefits are not automatically part of your estate and may require specific nominations to ensure they go to the intended recipient.
Understanding the complexities of tax-dependent beneficiaries and death benefit nominations is crucial to maximise the benefit to your loved ones.
A simple will ensures your assets, including those you might not typically consider like superannuation, go to the people or causes that matter to you.
2. Ensure Your Wishes Are Respected
Life is unpredictable, and it’s essential to have legal documents that express your wishes, particularly when it comes to healthcare or financial decisions.
Why It Matters:
Advance care directives let you outline medical preferences if you’re unable to communicate them.
Appointing a trusted power of attorney ensures someone you trust manages your finances if you’re incapacitated.
3. Support Your Loved Ones
If you have family members who rely on you, even partially, estate planning ensures they’re cared for financially. This includes siblings, parents, or even a partner.
Why It Matters:
A tailored estate plan can provide financial security for those you care about most.
Reduce the burden on loved ones by clarifying your intentions.
4. Account for Digital Assets
As a digital-native generation, people in their 20s often have a significant online presence. From social media accounts to online businesses, these assets need to be managed appropriately.
Why It Matters:
Estate planning can include instructions for managing your online accounts and digital legacy.
Avoid complications for loved ones trying to access or close accounts without clear instructions.
5. Plan for the Unexpected
No one likes to think about illness or accidents, but having a plan in place provides peace of mind for you and your loved ones.
Why It Matters:
Ensures your preferences for medical treatment and asset distribution are respected.
Reduces the stress and uncertainty your loved ones may face during difficult times.
6. Take Advantage of Professional Guidance
Working with an estate planning lawyer ensures your documents comply with legal requirements and reflect your unique circumstances. DIY will kits often fail to address the complexities of your life.
Why It Matters:
Professional advice ensures your estate plan is thorough and legally valid.
Lawyers can help you navigate specific issues, such as superannuation nominations, life insurance, and tax implications.
7. Build a Foundation for Your Future
Starting estate planning in your 20s establishes a strong foundation you can update as your life evolves. As you acquire more assets or your family situation changes, having a plan in place makes adjustments much simpler.
Why It Matters:
Early planning prevents costly or stressful issues later in life.
Demonstrates financial responsibility and maturity.
Final Thoughts
Estate planning isn’t just for the wealthy or the elderly—it’s for anyone who values peace of mind and wants to protect their future. Consulting an estate planning lawyer in your 20s ensures you’re prepared for life’s uncertainties while laying the groundwork for a secure and stable future.
If you’re ready to take control of your future, contact our team today to discuss how we can help tailor an estate plan to your unique needs.
Don’t wait until it’s too late. Book a consultation with our experienced estate planning lawyers and start building your future today.