Estate Planning for Young Adults
Contrary to popular belief, you do not need to be in your 60s, 70s, 80s, or older to establish an estate plan. Estate planning is crucial for everyone regardless of age, health, and wealth. That is why even people in their 20s and 30s can benefit from creating an estate plan despite their young age.
At the Law Offices of David W. Wilcox, Attorney Wilcox helps clients draft and execute valid estate planning documents, including wills, trusts, powers of attorney, and more. He is dedicated to understanding the concerns of his clients and helping them make informed decisions during the estate planning process. His firm proudly serves clients in and around Bradenton, Florida, and throughout Matinee and Sarasota counties.
At What Age Should Someone Consider Having an Estate Plan?
The importance of having an estate plan cannot be overstated. A well-drafted estate plan allows a person to outline their end-of-life wishes and protect their assets. However, for many young adults, estate planning is the last thing on their minds because they believe it is too early to think about death.
However, young adults might want to consider creating an estate plan once they become legal adults. Any person who has an estate plan should update the documents every three to five years or after any major events in their life such as marriage and childbirth. Young adults should consider setting up an estate plan once they turn 18 and update it regularly throughout their life.
Why Should a Young Adult Have an Estate Plan?
Estate planning for young adults is important because individuals who turn 18 become responsible for their finances and healthcare. Estate planning documents can protect a young adult’s physical and financial wellbeing and their family.
For many young adults, their 20s and 30s are full of major events and financial decisions, including graduation from college, getting a mortgage or buying a house, marrying, and having kids. These events make estate planning even more significant.
Most young adults think it is too early to worry about death or incapacity. And while it is true that you have your whole life ahead of you, it is still essential to be prepared for unforeseen events and plan for your future financially.
Important Elements of a Young Adult’s Estate Plan
Estate planning for young adults may require creating the following legal documents to protect their property and family:
Durable power of attorney. With this document, you can appoint a person to make financial decisions on your behalf when you are no longer capable of making such decisions due to your incapacity.
Medical power of attorney. This document allows you to designate a healthcare proxy who would make decisions related to your medical care in the event of your incapacity.
A living will. This document spells out the medical treatments that you want and do not want to undergo to keep you alive when you lose your capacity to make decisions on your own. Generally, a living will applies to terminal diseases and allows the testator (the person who writes the living will) to communicate their wishes for end-of-life care.
A last will and testament. A will is arguably the most fundamental document in any estate plan. This document provides instructions for how the testator wants their assets to be distributed to beneficiaries after their passing. The testator also names an executor of their estate who will manage and protect their assets after death.
A revocable trust. This written document places the individual’s assets into a trust during their lifetime and distributes them to the designated beneficiaries after death.
The documents that you need as part of your estate plan depend on your particular circumstances, needs, and goals. For this reason, consider speaking with an experienced estate planning attorney to discuss your unique situation and determine the right estate planning tools in your specific case.
Many young adults do not understand what they need to create a comprehensive estate plan. A skilled attorney could help you identify the most effective tools and develop creative solutions to protect your financial and physical wellbeing.
Estate Planning Experience You Can Rely On
Just like estate planning is beneficial for older adults, young adults can also take advantage of estate planning to prepare for life's uncertainties. As you set out to achieve major life goals — going to college, purchasing a house, getting married, or having kids — your loved ones can have peace of mind from knowing your true wishes in the event of an unfortunate incident.
An experienced estate planning attorney can evaluate your available options and determine the most suitable estate plan for you. Attorney Wilcox stands ready to offer invaluable advice and provide assistance in all areas of estate planning. Call the Law Offices of David W. Wilcox if you’re a resident of Bradenton, Florida, or Matinee and Sarasota counties.