If you are like many people under the age of 40 in Massachusetts, you might think that a will or a trust is not something you need to think about at this point in your life. This belief is not actually wise or accurate for a couple of reasons. First, people can and do die at ages younger than what most consider to be a normal lifespan. A premature death can be caused by either an accident or an illness. Additionally, estate planning can help you take care of yourself, your estate and your family if you are still alive but become unable to manage your affairs on your own.
As explained by NerdWallet, estate plans do more than simply identify who gets what from your estate after you die. They can identify who will be able to make health care decisions for you if you are not able to do so for yourself. A power of attorney may also allow another person to manage your finances if you are in a condition that prevents you from taking care of such things even temporarily.
If you have children, you can establish guardianship for them in the event that you and your children’s other parent die or are incapacitated. Having a guardianship already identified can simplify matters for your families.
If you would like to learn more about how to leverage estate planning tools to help you stay on top of your affairs now while you are young and as you age, please feel free to visit the millennial’s life management page of our Massachusetts estate planning website.