Do Young Adults Need Estate Plans? 

 Posted on December 27, 2022 in Estate Planning and Probate

More often than not, estate planning is considered to be something only older adults need to deal with and worry about. This is understandable, as wills and trusts are generally discussed in the context of older adults and the elderly. However, if history has taught us anything, nothing in life is guaranteed. Just because someone may be young does not mean they are guaranteed to live a long life. As a result, estate planning for young adults is not as crazy as it may sound and, in many cases, can be a very wise decision. 

There are so many different contingencies in life. Therefore, if you are a young adult interested in creating an estate plan, contacting an experienced Texas estate planning attorney is an excellent place to start.

Reasons Why Young Adults Should Consider Creating an Estate Plan

An estate plan for a young adult is like an insurance plan. For example, no one expects their house to burn down, but having fire insurance for your home is still wise just in case the unexpected occurs. The same goes for estate planning for young adults. No young adults expect they will require an estate plan, but it is still wise nonetheless to be prepared for the unexpected. A young adult making a low-cost estate plan is a small price to pay compared to what could happen should the unexpected happen and no estate plan is in place. Reasons a young adult should consider creating an estate plan include:

• Becoming incapacitated – Young adults can be rendered incapacitated by an injury. Like anyone else, young adults can find themselves vegetative for whatever reason and may not wish to be kept alive. But no one will know the wishes of the young adult if they do not have an advanced medical directive already in place in their estate plan. 

• Leaving assets behind – Even young adults without a family or children may wish to leave behind property they own to a charity or a similar organization.

• Supporting the family – If your family relies on you, particularly regarding financial support, creating an estate plan can be a wise decision so that your family can avoid the probate process in the event of your death or incapacitation. 

Call a Bexar County Estate Planning Lawyer

If you are a young adult interested in creating an estate plan, consider contacting the knowledgeable Comal County estate planning attorneys with Geoff Mayfield, Attorney at Law. Call 210-535-0870 today for a free consultation.

Source:

https://www.forbes.com/sites/forbesfinancecouncil/2022/07/20/why-young-and-single-should-consider-a-will/