Loune-Djenia Askew, Esq.
Jan 24, 2024
Many young adults think Estate planning is reserved for older people, however, this is a misconception. Everyone can benefit from having an estate plan, whether they are old, young, single, married, wealthy, or moderate income.
Many young adults think Estate planning is reserved for older people, however, this is a misconception. Everyone can benefit from having an estate plan, whether they are old, young, single, married, wealthy, or moderate income.Â
Planning for Life Events
Estate plans are particularly important for young couples, as it can help them outline their financial priorities and understand what is necessary to protect the things most important to them. In the tragic event that you and your child’s other parent pass away, an estate plan identifies the person or people who will become guardians of your children. Even more important, your estate plan will outline who has access to your bank accounts and other assets, to care for your children’s needs.
Why Should Young Adults Have Estate Plans?
There are several reasons a young adult may want to consider creating an estate plan:
If you live with (or own a home with) a partner but are not married, you can ensure that your assets go to them.
You can grant powers of attorney to someone you trust should you pass away or become unable to speak for yourself.
You may have more assets than you realize (a car, jewelry, or family heirlooms).
If you have a child, you should definitely start planning to ensure that they are financially secure, and so you can name their future guardian. If you do not write out your wishes in an official document, it will be up to the court to decide who gets guardianship and they may not have the same values or parenting style as you. (You can do this for your pets too!)
If you do have a significant amount of assets, setting them up as part of a living trust can save your family and heirs the hassle (and cost) of going through probate.
There are many reasons to create an estate plan when you are young. Probably the most important reason though, if you have children or are planning to have children, is to ensure that those children are cared for and their money from you is managed by someone you trust in the unfortunate event that something happens to you and your spouse.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.