Those who are young and still trying to get established don't typically think of the need to put together an estate plan. The truth is, though, estate planning is not just for older adults. Millennials in California and elsewhere can also benefit from having certain legal protections in place in the event of their deaths or incapacitation.
According to a recent survey, 78 percent of adults in America between the ages of 18 and 36 have not taken the time to set up wills and/or trusts. Why is this? Some do not feel financially stable or feel that they can afford to create these legal documents and others feel that they are not necessary at the moment -- among various other reasons.
At the end of the day, while no one wants to think about this, death or incapacitation can happen to anyone at anytime. If one does not have an assigned personal representative, who will make decisions if one becomes incapacitated? If one does not have a will, trust or designated beneficiaries, who will close out one's estate and collect assets after one dies? Who will take care of one's young children if one is no longer around or capable? Without an estate plan, one gives up his or her voice to make these decisions for him or herself.
The good thing about estate planning is that no matter what stage in life one is at, an estate plan can be written for one's current position and modified as life changes. There is no harm in starting this process young. In fact, one will be better off by having legal protections in place in the event they are needed. An experienced attorney can help young adults in California create estate plans that truly fit their stations in life.
Source: wealthmanagement.com, "Engage Millennials in Estate Planning", Jamil G. Daoud, June 19, 2017