Creating an estate plan is not something only reserved for the rich and famous. While most people think it’s necessary to be older or possess a lot of wealth to benefit from this type of long-term planning, it is actually a prudent step for Texas adults of all ages, including young adults. Individuals as young as 18 can find that an estate plan will provide them with security and peace of mind on certain matters.
More to an estate plan
There is much more to an estate plan than simply deciding who gets what after one passes away. One does not need a significant amount of wealth or valuable assets to benefit from this type of planning. College-age students or young adults have specific estate planning needs, even if they do not realize it. A careful look at their individual situation will help them see how they can benefit from thinking about the future and drafting certain documents.
Young adults have the right to have a say over their health care. Part of estate planning is creating documents that appoint someone to make important medical decisions in case of incapacitation. In addition to these health care planning documents, they may also benefit from a simple will, even if they aren’t wealthy.
Where to start?
It can be daunting for young adults to consider their estate planning needs. They may benefit from speaking with an experienced Texas estate planning attorney in order to understand where they should start with their planning strategy. A careful assessment of their situation will provide them with guidance regarding the right way forward.