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Estate planning basics for young adults

On Behalf of | Oct 23, 2020 | Estate Planning

Most young adults in California don’t want to think about planning their estates. For one thing, many young people don’t own much yet. They may not see the point of creating an estate plan, but that’s a mistake. Every adult should have a plan about what decisions should be made if they are gravely injured or pass away.

Estate planning foundations

The most fundamental and well-known estate planning document is a last will and testament. Writing a will gives you the opportunity to distribute your assets and name guardians for your minor children. You can write a will on your own with help from a kit or website, but it’s a good idea to seek advice from an attorney. A professional may help you with details that could be important to the court.

Another estate planning document that young adults should think carefully about is a health care proxy. This is a tool that names a person who can make decisions for you if you’re incapacitated. Although most people will live into their 70s, some younger people will have serious accidents on the road or on the job. It’s prudent to be prepared for that instead of leaving big decisions to your next of kin at an already difficult time.

Other estate planning documents that you may want to think about include living wills, power of attorney documents and revocable trusts. Investing in a session with a lawyer may be a great way to craft an estate plan. An experienced attorney might help you figure out what to do now and what estate planning steps you should take in the future as your life becomes more complex.