Why Young Adults Need Estate Plans Too

 Posted on September 29, 2022 in Estate Planning and Probate

 Estate planning is often thought of as a task for the sick and the elderly - those who reasonably anticipate that their life will draw to a close in the relatively near future. Those with great-grandchildren are meant to make out their wills. A father diagnosed with late-stage cancer should create a trust. Those who are of an age to be concerned with Alzheimer’s and other age-related impairments of the mind need powers of attorney and health care advance directives.

While it is true that the aforementioned groups should create estate plans with haste, it is also important for young adults to undertake the task. Little can be predicted in life. Even those who are young, unmarried, and with no descendants would be wise to create an estate plan to cope with the contingencies of life. If you are interested in making an estate plan, an attorney can aid you in preparing the documents your plan should be comprised of. 

3 Reasons for Young Adults to Have an Estate Plan

An estate plan for a young adult is, conceptually, like an insurance plan. No one anticipates a house fire, but the wise insure against it anyway. Creating an often-simple estate plan for a young adult may be a relatively low-cost endeavor proportionate to the harm that would come should the plan be needed but absent. Reasons that a young adult should have an estate plan include:

• Potential for incapacity - Anyone can become at least temporarily incapacitated by an injury. Younger adults are more likely to see the abrupt development of psychotic disorders, which frequently manifest in a person's twenties. Additionally, many young adults feel strongly that should they enter a permanent vegetative state, they would not wish to be kept alive. Well-crafted advance directives may prevent life-prolonging care. A young person who enters such a state could survive for decades, while a senior in the same condition generally will not. 
• Leaving a legacy - Those who have not had children nor time in life to build a living legacy may still wish to leave their mark on the world by giving their estate property for a charitable cause, or even directly to a person in need. 
• Family support - If your family in any way relies on you financially - or will one day - then creating an estate plan to protect your family members can be much better than putting them through intestate probate. For example, if you have a disabled sibling who will one day need professional care, you could create a designated fund for them. 

As the old adage goes, it is better to have one and not need it than to need one and not have it. 

Call a Texas Estate Planning Attorney

Geoff Mayfield, Attorney at Law is committed to creating effective and helpful estate plans for all. No matter your current age, our San Antonio estate planning lawyers can design a plan that suits your needs and purposes. Call 210-535-0870 for a free consultation. 

Source:

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