A Modest Argument for Having an Estate Plan in Your 20s
So, you’re in your twenties and you think nothing bad can happen to you? Good news. You’re perfectly normal. Most people in their teens and twenties feel pretty confident about their health and their chances of continuing to stay healthy and alive for years to come. As we get older, naturally we begin to worry about our final affairs. But for many estate planning attorneys, we know that it’s important to have a plan, even if you are young and perfectly healthy.
At the Law Offices of Todd K. Mohink, P.A., we believe it’s our duty as legal professionals to advocate and help the public understand not just what options are available, but also to demonstrate why you should consider them. With this in mind, consider the following 3 modest arguments for why a twenty-something might want to strongly consider an estate plan.
#1 Meet Terri Schiavo
For those in their twenties, the story of Terri Schiavo may not immediately ring any bells. But this tragic story involved a young woman without the ability to make decisions for herself. In a nutshell, Terri was born in 1963. In 1990, at just the age of 26, she suffered an unexpected heart attack and went into a persistent vegetative state. In other words, doctors felt she would never recover and she had no brain activity or ability to perceive or communicate. Her husband finally made the painful decision that she would not have wanted to live this way and opted to terminate life support.
However, Terri’s parents disagreed and went to court to fight for continued life support. Thus began a 15-year legal battle between her parents and her husband, ultimately dividing the family and the country and costing tens of thousands in legal costs.
Lesson Learned? Bad things can happen to young people. You need a power of attorney so your family don’t have to go through such painful battles in the event of the worst case scenario.
#2 It’s Actually Not Expensive
Do not let anyone fool you into thinking a single, twenty-something adult should have to spend thousands on an estate plan. On the other hand, please do not rely on Internet forms or non-attorney templates. These things have a high chance of failing when needed most. You may be quite surprised at how affordable it can be to have an experienced attorney discuss your options and put together a simple, straightforward will and powers of attorney.
#3 Do You Really Trust Maryland to Decide Your Final Wishes For You?
If you’ve been paying attention, you may notice that Maryland lawmakers aren’t always the best at making decisions. Whether you like it or not, if you choose not to have a will, the State of Maryland has already taken care of it for you. Maryland law has a little known statute called the “intestate” law. This law determines:
- Who gets to handle your final affairs if you die
- Whether they have to post a bond
- Who gets your personal property, real estate, and money
If you trust the state legislature to make these decisions for your family, by all means don’t get a will. But if you prefer to make these decisions yourself, contact the Law Offices of Todd K. Mohink, P.A. in Maryland to discuss your options and learn more about setting up an appropriate estate plan that meets your unique needs.