Estate Planning for Young Adults An Easy Guide
Congratulations! You are now an adult; maybe you just turned 18, are just finishing high school, or contemplating your bright future. You may be embarking on college, a career, or creating your own business. When you turn 18, the law views you as an adult who is entirely responsible for your choices. Young adulthood is an exciting time for you to take the right path to ensure your well-being and protection.
Being an adult and making your own decisions is part of your newfound freedom. And your freedom comes with responsibilities. All the daily tasks and decisions your parents or others have been making for you now belong to you. While your parents can still guide and support you, they generally don’t have legal authority over you any longer. Why is this important? Well, if you need their help formally, they may not be able to give their help if you don’t have powers of attorney.
We can help you plan so that your parents, or anyone of your choosing, will have the ability to help you in the event of a crisis. A financial power of attorney will allow your appointed person to take financial action to protect you. A health care directive will designate someone to make medical decisions for you if you cannot make them yourself. Absent these documents; the local court will need to be involved.
Every stage of life and change in lifestyle gives rise to opportunities and potential challenges for you or your loved ones:
College students and Young Adults
You may still rely on your parents to help you with financial transactions or medical decisions. Absent powers of attorney, and a FERPA waiver (for college students), your parents will not be able to assist you. In a crisis, your parents need to go to court to help you. Also, you may realize the total of your assets (a car, jewelry, bank accounts). Even modest assets warrant planning through a Last Will & Testament.
Young Entrepreneurs
Today’s young entrepreneurs are following their dreams using creativity and technology. If you are an entrepreneur, it is critical that you take legal steps early on to protect your brand and business. Trademarks, copyrights, business agreements, and limited liability companies may be part of the mix for you. Call us to protect your brand, assets, and business! We can’t wait to see where your dreams and talents take you!
Young Families
Estate planning is crucial if you have children and/ or are married. Your children deserve your protection. If you don't have an estate plan in place, state laws will determine who gains guardianship of your children and control of their inheritance. With an estate plan, you can ensure that your children will be cared for, that debts won't burden your spouse, and that your money and possessions will be protected and go to the right people.
The great thing about starting so early is that you create a solid base through a reasonably straightforward process since you are beginning to develop and obtain assets. An excellent opportunity to get a plan you can add to and review as your life changes and becomes more complex.
French Law Group has over 25 years of helping clients protect whom they love and what they own. Laura French is The Mom Lawyer®; her unique perspective as a mom to one and lawyer to thousands means she can guide you on every aspect of estate planning. Click or call today to get started on a plan to protect yourself and your loved ones.