Most people assume that estate planning is only needed when you are old and nearing death or retirement. Quite the opposite is true, however. In fact, adults of all ages – even those just heading off for college – should have a comprehensive estate plan in place. Learn why, discover what estate planning documents are important, and see how an experienced estate planning attorney can help you get started.
Why Estate Planning is Important for Young Adults
Young adults may not have a lot of assets or possessions to speak of; they may not even have an income, but they still need an estate plan. The reason for this is simple: like everyone else, they still run the risk of incapacitation, should an accident or injury occur. Without the proper documents in place, parents may be unable to obtain pertinent medical information about their adult child’s condition or prognosis; they may also be denied the ability to make medical decisions for their child. Parents may also be denied access to their child’s financial accounts, which could endanger the student’s ability to return to school or dorm.
Meeting the Estate Planning Needs of Young Adults
Estate planning is different for young adults. They do not typically need things like living trusts, special protection clauses, or transfers upon death. Instead, the focus needs to be on ensuring that the young adult has someone listed as their medical and financial proxy. Young adults are also encouraged to consider what life-saving measures they are comfortable with receiving, and when so that they can outline this in an advanced directive.
It is important to understand that the process is not necessarily easier, simply because there are fewer documents. If anything, the estate planning needs of young adults can be both confusing and complex. Expanding circles, newfound independence, and concerns over parental access to grades and other pertinent information may create special needs or requirements. Furthermore, it is important that all aspects of a young adult’s life are considered, should a death over occur. Some elements can be easy to miss, especially when one considers the amount of digital information that most millennials have.
Contact Our DuPage County Wills and Trusts Lawyers
With more than 40 years of experience, Stock, Carlson, Oldfield & McGrath, LLC is the firm to trust with your estate planning needs. Regardless of your age, circumstances, or wealth, our DuPage County wills and trusts attorneys provide comprehensive and attentive services. Schedule a personalized consultation to get started. Call 630-665-2500 today.