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Home / Healthcare Directives / Is Estate Planning Important for Young Adults?

Is Estate Planning Important for Young Adults?

November 30, 2017 by Jon J. Gasior, Estate Planning Attorney

“Is Estate Planning Important for Young Adults” by Attorney Jon J. Gasior

 

  For many young adults, the consequences of not having an estate plan in place can be dire.  Estate planning is not only tax and probate avoidance, but it is planning for lifetime and incapacity as well.

One tragic case that many people are familiar with is that of Terry Schiavo. Terry Schiavo was a persistent vegetative state for 15 years. During the course of that 15 years, her husband petitioned the courts in Florida to have Terry’s feeding tube removed. This was opposed by her parents. This prolonged legal battle garnered national attention. At the time of her cardiac arrest that precipitated the persistent vegetative state, Terry was 26 years old.

It is these types of situations that many young adults do not consider. They believe that nothing will happen to them, and even if it does, they feel that they do not have the assets to justify the expense of putting together an estate plan and that everything “will work out”. They do not anticipate prolonged legal battles between loved ones.

Estate planning becomes even increasingly important for those young adults with minor children. Minor children require special planning. A Last Will and Testament is the only document where you can name a guardian for your minor child. IF you do not name a guardian for your minor child it will be up to the court to decide who will care for your child when you are gone. You also need to be able to decide who will manage the inheritance that you leave to them. An extremely valuable tool to accomplish this goal is a revocable living trust. A revocable living trust is a will substitute that allows you to retitle your assets during lifetime into a trust to make the transfer and management of assets upon your death much easier for your beneficiaries. Through the living trust you can name a successor trustee to manage any assets for your children with whatever conditions you set forth. Many of my clients chose to name a specific age at which their children will have full access to their inheritance, others chose to build in incentives to distribution such as attaining a college education, or a certain GPA.

Planning even as a young adult is critically important to protect yourself and your family.   A comprehensive estate plan includes a revocable living trust, pour over will, financial power of attorney, health care power of attorney, living will, and a HIPAA authorization form.  Anyone over the age of 18 needs at least a financial power of attorney, health care power of attorney, living will, and HIPAA form.

Stop procrastinating and contact a qualified estate planning attorney to counsel you in creating a comprehensive estate plan that can adequately prepare for incapacity and death.

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Jon J. Gasior, Estate Planning Attorney
Jon J. Gasior, Estate Planning Attorney
Attorney/Owner at Sinclair Prosser Gasior
His personal experience with family and the problems that resulted from their failure to create an estate plan resulted in his desire to learn more about this area of the law. From his work in the Elder Law Clinic, he further realized the need to plan not only for death, but also for incapacity during their lifetime.
Jon J. Gasior, Estate Planning Attorney
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Filed Under: Healthcare Directives, Healthcare Power of Attorney, Maryland Durable Power of Attorney Tagged With: Living Wills

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About Jon J. Gasior, Estate Planning Attorney

His personal experience with family and the problems that resulted from their failure to create an estate plan resulted in his desire to learn more about this area of the law. From his work in the Elder Law Clinic, he further realized the need to plan not only for death, but also for incapacity during their lifetime.

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September 3, 2020
    

We initiated estate planning following a presentation by Sinclair Prosser Attorney Jon Gasior. We were so impressed, we contracted with them to complete our estate planning. Subsequently, we assembled information on our assets and Sinclair Prosser Gasior did the rest. Correspondence was communicated to our financial institutions and the estate was established. We were very pleased with the courteous manner of the Sinclair Prosser Gasior staff. However, it was their professionalism that made us satisfied we chose this firm to handle our estate. We have nothing but praise for Sinclair Prosser Gasior .

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