When we hear the term “estate planning”, one often thinks it is something done by their parents or the elder generation. Also, many contemplate whether planning is even necessary, as they do not believe they have enough in way of assets, or the adage that I am too young for anything to happen to me.
Society moves faster every day and it is essential for people of all ages to plan and ensure that their assets are protected for not only themselves, but anyone that depends on them for support and care. We have seen the untimely deaths of many young celebrities over the years, including Heath Ledger, Buddy Holly and Bobbi Kristina Brown, which underscores that death does not have a schedule. It is evident that stardom is not needed for planning, and there are many reasons why we believe at Sinclair Prosser Gasior that young people should have estate documents.
One main reason is to plan for the care of children. If both parents should pass prior to a child turning the age of majority, then well drafted estate plans will name someone that the parents have chosen to serve as legal guardian. Also, someone will need to serve as guardian over the property to handle financial decisions. Finally, if there are no children, it is even more important to name who you want to receive assets.
In addition, planning will address what happens in case of incapacity, sickness or injury, and who will make lifetime medical decisions for you. Further, it will enable an individual to pay bills, transact business, and access financial and social media accounts on your behalf.
It is important for all young people to have a comprehensive estate plan stating who is in charge and who will receive distributions. Life never seems to slow down, so take time to protect yourself and your family when you are young.