Estate Planning for Young Adults
Feb. 11, 2022
According to a 2021 Wills and Estate Planning Study by Caring.com, only approximately 26.8% of young adults (18-34 year-olds) have estate planning documents. For many young adults, drawing an estate plan isn't particularly important to them. However, life is full of many uncertainties. As you start making financial, medical, investment, and other major life decisions for yourself, creating an estate plan can help you and your loved ones anticipate difficult and unexpected events of life.
Attorney Robert Taylor-Manning is dedicated to providing knowledgeable legal guidance and strong advocacy to young adults in estate planning-related matters. As an experienced Washington State estate planning attorney, he can enlighten you about the benefits of having an estate plan, explore your various legal options, and help you make intelligent decisions. The firm proudly serves clients across Kennewick, Pasco, and Richland, Washington, as well as Portland, Oregon, and the surrounding areas.
At What Age Should Someone Consider Having an Estate Plan?
When an individual turns 18 years of age, they legally become an adult and are capable of making financial, legal, medical, and other major life decisions for themselves. Hence, once you become an adult, consider putting together an estate plan that fits your personal needs. A simple—or robust—estate plan for young adults in their twenties and thirties can do a world of good for you and your family.
Why Should a Young Adult Have an Estate Plan?
Estate planning isn't only for those who are old or wealthy. As a young adult, having an estate plan is important to help achieve the following:
Protect your property, assets, business, investment, and interests
Make suitable provisions for your surviving spouse, children, and other loved ones
Name a healthcare representative who can make medical decisions on your behalf should you become severely ill or suddenly incapacitated.
Choose a legal guardian to help care for your children and manage inheritances left for them
Choose a caretaker for your pets
Ensure that you do not die intestate (without a will)
Whether you have a small or large estate, having properly-drafted estate planning documents is imperative to protect your surviving loved ones and prepare for unexpected life scenarios. An experienced attorney can enlighten you about some important documents to include in your estate plan.
Important Elements of a Young Adult's Estate Plan
As a young adult who is considering establishing an estate plan, here are some important documents to include in your plan:
A will, also known as a last will and testament, is a legal document that provides detailed instructions regarding how you want your assets and property to be distributed to inheritors or disposed of when you're gone. You can also name a legal guardian in your will to help take care of your children and manage any property left for them.
A trust is a fiduciary relationship that allows you (the grantor) to give another person (trustee, or successor trustee) the legal duty and authority to manage your assets upon your death or sudden incapacitation for the benefit of the beneficiaries.
An advance care directive is a legal document that allows you (the principal) to outline specific medical wishes, procedures, or treatment preferences in advance, in the event that you become unable to communicate them due to disability, sudden incapacitation, or severe illness.
Power of Attorney
A power of attorney is a legal document that allows you (the principal) to grant a trusted person (your agent or attorney-in-fact) the legal authority, power, and duty to make crucial property, financial, healthcare, and legal decisions on your behalf.
As you grow older, acquire more property, add to your family, or build businesses and investments, it is important that you update your estate plan regularly. A knowledgeable attorney can help review, modify, and update your estate planning documents to ensure that they conform to your current wishes.
How Legal Counsel Can Help
It’s never too early to prepare for life's uncertainties. As you start making major life decisions— attending college, buying a property, getting married, having or adopting kids—planning for your future is crucial. In the event of a tragic incident, your surviving family members can benefit from knowing your exact wishes. A skilled estate planning attorney can help you explore your options and determine the ideal estate plan for your unique needs.
Attorney Robert Taylor-Manning has the diligence and experience to assist young adults through the complex procedures involved in creating an estate plan. As your legal counsel, he can enlighten you about the various estate planning solutions that are available to you and help you decide the most suitable option for your personal needs. Additionally, he can help draft or update your will, trust, advance directives, powers of attorney, and other important estate planning documents. Attorney Robert Taylor-Manning will work intelligently to address your needs and help you in a way that works best for you.
Estate planning is beneficial for both young and older adults. If you need help drafting your estate plan, contact Northwest Elder Law Center today to schedule a one-on-one consultation. Attorney Robert Taylor-Manning can guide you through every stage of the estate planning process. The firm proudly serves clients across Kennewick, Pasco, Richland, and Walla Walla, Washington, as well as Portland, Oregon, and the surrounding areas.