Many people think of estate planning as a retirement-related undertaking. Others associate estate planning with parenthood or the acquisition of specific, high-value assets, such as a home. Older adults and those who have achieved certain life milestones absolutely benefit from estate planning, but so do younger individuals. Adults of any age, including those who have just turned 18, may benefit from creating estate plans.
Why might 18-year-olds, college students and young professionals need estate plans?
Unexpected emergencies
When a teenager reaches adulthood, their parents lose legal access and authority. Their parents can no longer review their medical records or make choices about their treatment.
Additionally, their parents have no access to their financial resources in most cases. Advance planning allows young adults to choose people to manage their financial affairs and medical emergencies if they cannot. Estate planning can protect them from inappropriate medical treatment or financial setbacks caused by medical emergencies.
Personal responsibilities
Most 18-year-olds are just starting out in life, but some have more responsibility than others. Those who have already become parents or who marry very young may need to consider their dependents.
Others might have responsibility for their siblings or may care for an ailing parent. Some young adults start their own businesses early in life or acquire valuable property. Estate planning can help people of all ages provide for their loved ones and protect their resources.
Estate planning before leaving home to attend college or start a career is often a smart decision. Working with an attorney can help young adults protect themselves and give their families the access necessary to support them in an emergency situation.