Too frequently, estate planning is something people believe needs to be done only late in life, when you’re “getting your affairs in order.” But in reality, for young adults and especially for young families, estate planning should be high on their to-do list.
As soon as a couple becomes financially interdependent, whether they buy real estate together or they have a child, they need to develop an estate plan. That plan should include properly drafted wills, appropriate insurance and the necessary mandates, powers of attorney and directives required in your province of residence.
More than three-quarters of Canadians, between the ages of 27 and 34, don’t have a will. Your parents are more likely to focus on distributing their assets, whereas a young family tends to be concerned about taking care of their dependants.
Your estate planning to-do list should include the following:
Although no one likes to talk about death, it is a certainty for all of us. Taking care of your obligations and responsibilities is part of being an adult, and we’re all better served by planning for the future and the unexpected. Get started by reviewing ProsperiGuide’s What If File.
While not a traditional gift, suggest a gift of estate planning (if you are newlyweds or new parents) to ensure it gets done.