Often, when people think about the typical person who is going over the ins and outs of an estate plan, they envision an older adult or someone who is middle-aged. However, it is important to realize that young adults may also need to set up an estate plan for an array of reasons. Moreover, there are many different reasons why it is advantageous and sensible for young adults to create an estate plan.
Whether a prospective college student is preparing for their first year of classes or a young adult is making the transition from school to the workplace, this can be a difficult time in a young person’s life. Some may think that they do not have the time for estate planning issues, and they may also believe that they are too young and that an estate plan is not necessary. Unfortunately, many different unexpected problems and crises can arise, from a serious and life-threatening health condition to an accident. Even when nothing goes wrong, having a solid estate plan in place can provide a young adult with peace of mind (which is especially beneficial for those who are overwhelmed with many other facets of their lives).
Whether you are a young adult, or you are the parent of a young adult, it is vital to realize the importance of having an estate plan. There are a lot of different options when it comes to setting up an estate plan, and the type that will work best for you (or your child) will depend on individual circumstances. Please read through our website for more on estate plans.