It sounds tedious and confusing; estate planning can dredge up images of being buried in paperwork. Single adults who feel as though they may not have much in the way of assets *cough* millennials *cough* still have to plan for their estate. If you do not have a spouse or children, you still need to plan, even if you feel if you have little in the way of assets.
Consider where are you at in life and what assets you DO have. You do not know how life will change and how things will work out later on down the road. When you pass away and you have debt, the debt will be paid off through your assets and your estate (if you live in Alberta). If you are an adult who is planning to gift your valuables and your income away, you aren’t likely going to know what changes are coming down the road or when you’re going to pass away. Spending everything during your lifetime may not be realistic. Later in life, when people try to ensure something is passed down to their beneficiaries, people try to leave as much as possible. You may not want to spend all of your income and assets for short-term pleasures right away.
There are also Power of Attorney documents and Living Wills to consider: in the event something happens to you and you wind up in a coma, these documents ensure that your money and health is taken care of. It’s best to get all three documents done. People don’t usually think of getting these documents complete until they reach their their 30’s or 40’s. It is recommended that one should create (or at least think about) starting these documents around their later 20’s. That is around the time when their careers are starting out. Find out more information by clicking on the link below: