Estate planning isn’t just for older adults or those with significant assets—young adults can benefit greatly from having a plan in place. As you start adulthood, key documents like powers of attorney and healthcare directives ensure your wishes are honored and loved ones are protected, even if you’re just beginning to build your estate.
1. Powers of Attorney for Financial and Health Decisions
Once you turn 18, your parents or guardians no longer have automatic authority over your healthcare or finances. A financial power of attorney designates someone to manage your finances if you become incapacitated, while a healthcare directive lets you specify your medical preferences and appoint someone to make health decisions on your behalf.
2. Designating Beneficiaries for Accounts
Even if you have minimal assets, designating beneficiaries for any savings or retirement accounts can help ensure they go directly to the individuals you choose. Beneficiary designations help avoid the probate process and offer a quick transfer of assets.
3. Guardianship for Minor Children
For young adults with children, establishing guardianship through a will is crucial to ensure the right individuals are designated as caregivers. This decision can prevent complex legal proceedings and provide peace of mind that your children will be cared for by people you trust.
4. Privacy and Control with a Basic Will or Trust
Even a simple will allows you to outline your wishes regarding assets, personal belongings, and digital accounts. For those with specific privacy needs or preferences, a trust offers additional control and keeps your assets outside of the public probate process.
5. Planning for Unexpected Health Needs
Having healthcare documents like an advance directive or HIPAA release form can ensure your loved ones have access to your medical information in emergencies. This planning is especially relevant for young adults, as it ensures that the people you trust most are involved in any critical health decisions.
Getting Started with Your Estate Plan
Starting an estate plan as a young adult may feel premature, but it’s one of the most proactive ways to protect your interests and loved ones. At Von Rock Law, we’re here to guide young adults through this process, helping you establish a foundational plan that grows with you as life evolves.
Secure Your Future Today
Ready to set up an estate plan that fits your unique needs as a young adult? Contact Von Rock Law to learn more and take control of your future.
