Why Estate Planning Matters for Younger Adults

 Posted on May 10, 2022 in Estate Planning and Probate

When you are still in the prime of your life, estate planning may not seem important at all. You have no reason to anticipate needing one anytime soon, and you may not have children or a spouse to worry about protecting. As a younger adult, you have also had less time to accumulate property, so you might not feel that deciding how to distribute it is very important. This could be a big mistake. Life is nothing if not unpredictable. Your personal circumstances, from your health to your wealth to who you would want your beneficiaries to be can change very quickly. Aside from that, there is much, much more to estate planning than simply making a will or trust. Wherever you are in life, having a legally sound estate plan in place can offer an additional layer of security to both you and your loved ones. A qualified lawyer can help you take the next steps. 

Why Should I Have an Estate Plan at All?

First, you should know that your estate plan will encompass important medical planning documents like a living will and health care powers of attorney. These documents are your voice should something happen so that you cannot speak for yourself. For most young people, your parents would be the de facto decision-makers in this type of situation. If you do not see eye-to-eye with them regarding how you would want to be treated - or not treated - these documents are not optional. 

Further, you might be surprised at how much property you actually have when you stop to add it all up. Think about what you owned two years ago even as opposed to now. Even without a family of your own, there is likely someone, whether that is a friend, family member, or charity that you would want your belongings to benefit. Estate planning is your opportunity to leave a legacy on the off chance that you never attain an advanced age. 

Tips for Estate Planning as a Young Adult

Especially if this is all new to you, you may feel as if you do not even know where to start. Choosing your beneficiaries is usually the first step. If you are not married and have no children, your parents would probably inherit your entire estate were you to pass away with no plan. You may prefer that a close friend or family member, like a younger cousin, inherit from you. Charitable giving is always an option too. 

Also, keep in mind that the types and amount of property you own can fluctuate throughout young adulthood. At this age, anything from a promotion at work to a testamentary gift from an older relative can create drastic changes. Frequent updates to your estate plan may be in order. 

Contact a Bexar County Estate Planning Lawyer

Geoff Mayfield, Attorney at Law is skilled at helping adults of all ages create the right estate plan for them. Our experienced Bexar County estate planning attorneys will work with you to determine what type of plan makes the most sense for you at this stage in your life. Call 210-535-0870 for a free consultation. 

Source:

https://www.fjyfinancial.com/blog/2020/04/estate-planning-for-young-adults-4-documents-your-18-year-old-needs-in-place-now/