4 Reasons Young Adults Should Have an Estate Plan

 Posted on February 22, 2022 in Estate Planning Blog

It often does not even occur to young adults that they should have an estate plan at all. You may see creating an estate plan that is likely to change before you need it as a pointless endeavor. However, there are a number of strong reasons that younger adults should consider creating at least a simple estate plan. It can be very difficult for young people to consider their own mortality in this way, but it is important that you do. No one is impervious to things like accidents or illnesses. Having a legally sound estate plan in place is a good idea for everyone. An estate planning attorney can help determine what type of estate plan makes sense for your personal situation.

Why Should Young People Make an Estate Plan?

Life and death can be incredibly unpredictable. For this reason alone, it is a smart move for all adults to establish an estate plan, whether or not they think it will become relevant anytime soon. Reasons young adults should consider creating an estate plan include:

• Protecting families - When a person dies at a young age, the grief their family and loved ones experience can be immense. Trying to figure out what to do with your belongings while navigating intestate probate can add chaos and difficulty to the already horrible situation your family would be in. An estate plan that sets out which friends or relatives should receive what can be extremely helpful for your survivors.

• Potential incapacity - Even if you survive a serious accident or illness, there is a chance that you could become at least temporarily incapacitated and unable to make your own medical or financial decisions. You most likely have an idea of what types of care you would want to receive - especially if you were in a permanent vegetative state - and who you would want in control of your medical decision-making. A part of estate planning called “incapacity planning” lets you do just this.

• Survivor action potential- Car accidents and other accidents caused by another party’s negligence are among the more common reasons young adults lose their lives prematurely. A survivor action could be filed. In Illinois, any winnings from a survivor action can be passed to your estate’s named beneficiaries. Your small estate could suddenly be worth much more than you expected.

• Romantic partners - Young adults are often in committed relationships but not legally married. Your unmarried partner could be left with nothing if they are not specifically named as a beneficiary.

Making an estate plan can also offer both you and your loved ones some peace of mind knowing that should the worst happen, there is a plan.

Call an Illinois Estate Planning Attorney

If you are ready to create an estate plan, A. Traub & Associates can help. Our experienced Lombard estate planning lawyers can help you design the plan that is right for you. Call 630-426-0196 to arrange a confidential consultation.

Source:

https://www.forbes.com/sites/halseyschreier/2020/07/30/personal-finance-for-young-adults-estate-planning/