You’re Young…But You Still Need An Estate Plan

Many people consider estate planning to be a tool reserved for the rich or the elderly. That belief is only partially true . . . anyone who has “stuff” they want to protect or people they want to provide for needs estate planning! Proper estate planning can deliver peace of mind and asset protection regardless of your income or your age. 

For young adults and families, there are several reasons why creating an estate plan is vital.

Minor Children

If you have minor children – who and how will they be taken care of if tragedy should strike and you and/or your spouse becomes disable or pass away?  An estate plan allows you to name the person or persons that you want to care for your minor children rather than leaving the decision to the courts.  An estate plan can also manage how the monies you leave to your children are managed so things like college education can be paid for.  Proper estate planning will protect your children no matter what the future may hold.

Your Own Disability

No one knows what tomorrow may bring.  If you had a serious illness, injury or accident and became disabled who will step in to make decisions that you can no longer make?  If you are married, many assume that your spouse can automatically step in to make financial and medical decisions.  But this does not happen automatically and unless you have put in writing who you want to make decisions it may require a court process. A proper estate plan will include powers of attorney documents where you can not only name who you want to make medical and financial decisions but you can also give directions on how you want those decisions made.

Social Media Accounts   

We all leave a trail with our social media and online presence.  Most younger people do their banking, investments, carry on conversations, store pictures and important documents all online.   If something happens to you, who has access to all of those online accounts?  What do you what to happen to them?  With a proper estate plan you can direct what happens to your online presence and what you want to happen with all your online accounts.

Peace of Mind

All the reasons young adults and families need estate planning can be summarized as having peace of mind.  When you have your estate planning done right you can keep your family out of court and conflict.  You know you are all set, and no matter what comes your way you are ready because your estate plan is in place and tells the people you choose how you want your affairs handled.  All without court involvement, keeping you in control!  

Elder Advisors Law

Many people don’t create an estate plan simply because they don’t understand the ramifications of living without one, or simply don’t know how or where to start. Regardless of your age, estate planning is a fundamental tool to safeguard your assets as well as your family. If you are ready to build your plan—or are interested in learning more—contact Elder Advisors Law to schedule a consultation or reserve a spot in one of our workshops.

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Elder Advisors Law

As Leaders in Estate Planning and Elder Law, we are passionate about helping families protect their hard-earned assets from the government, nursing homes, lawsuits or other predators.

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