Estate Planning for Young Adults
March 8, 2022
When most people think about estate planning, they imagine you have to be old or considerably wealthy. However, estate planning is important at any age, and even young adults can benefit from writing up a plan. If you’re curious about what this could mean for you, you should contact an attorney with experience in estate planning for young adults. Serving individuals and families in Rocklin, California, and the surrounding areas including Roseville, Folsom, and Citrus Heights, the Law Office of Geoffrey Fong can help you understand your options and how you might move forward. Contact an estate planning attorney today to set up an appointment.
At What Age Should Someone Consider Having an Estate Plan?
There’s no set answer to this question, but you can really start anytime after you turn 18. It’s at this time that you’re now seen as an adult in the eyes of the law, and certain rights and protections that you used to have as a minor will suddenly slip away. As a minor, your parents were responsible for making financial and medical decisions for you, but now this falls to your shoulders. The best way to ensure your wishes are followed is to create an estate plan.
Realistically, it’s not until major life events start happening that young adults really need a plan in place. This could be graduating from college and landing a new job, getting married, having a child, or buying your first house. These events tend to happen in our 20s and 30s, and it serves as the perfect time to start estate planning.
Why Should a Young Adult Have an Estate Plan?
It’s true that young adults have usually not accumulated as many assets as older adults, but your wealth isn’t the only thing you’re protecting in your estate plan. Another large component of an estate plan concerns your health. None of us know when we will die or when tragedy may strike and render us incapable of communicating our wishes. Any comprehensive estate plan will also include an advance healthcare directive and powers of attorney. If you have an estate plan and something does happen to you, you’ll know you’re getting the kind of medical care that you want and that your wishes are carried out on your behalf.
Important Elements of a Young Adult’s
A young person’s estate plan can be simpler than someone of retirement age since it’s likely you have fewer assets to account for. However, there are some key elements that should not be overlooked:
The backbone of any estate plan is a will. Your will can lay out your wishes for what happens with your possessions and can name a guardian for a minor child.
You may also wish to include a trust which can offer more protection and flexibility than a will. You may consider a trust if you have wealth or inheritances you want to protect.
Last, you’ll want to include an advance healthcare directive and a power of attorney. These are two estate components that people of any age can benefit from. A power of attorney lets you designate someone to make financial or medical decisions in your place should you pass away or become incapacitated, and your healthcare directive ensures doctors are following your wishes, not someone else’s. This could include whether or not to use feeding tubes, artificial ventilators, or what life-saving measures should or should not be taken.
Let the Law Office of Geoffrey Fong Help
If you’re in the Rocklin, California area and want to know what an estate plan will look like for you, call the Law Office of Geoffrey Fong. An estate plan can be an invaluable tool throughout your life and the sooner you get started, the more control you’ll have over your future.