Eighteen year olds are typically transitioning into college. They are spending most of their time worry about where they’re going to go to college and worrying if they’re going to get along with their random roommate. Estate planning is typically not the first thought on the mind of an eighteen year old!
A recent study conducted by AARP found that, “Yet a whopping 78 percent of millennials (ages 18-36) and 64 percent of Generation Xers (ages 37-52) do not have a will.” Just because these millennials are not at an “old” age, estate planning is just as important for them as anyone else. Everyone would love to live in a world where tragedies such as young death did not exist but sadly that is not the case. Daily, you turn on the news and hear tragic stories of people dying at a very young age.
This is exactly why estate planning is not only for “older” people. If you are eighteen and have assets that you would like to be protected, you must take the action to sit down and plan your estate. Without an estate, your suffering loved ones will have to deal with the court to fight for what they think you would have wanted. These laws vary by state.
If the thought of creating an estate has ever crossed your mind, then, don’t think twice, go get it done!
For young parents, an estate is extremely important when it comes to protecting their children. Who would be in charge of a child or children if the parents are gone? For many people, their pets are like their children! Protecting pets can apply to them as well. An estate plan can define what will happen to pets if something happens to their owner.
If you are unable to make your own medical decisions, your estate can have the power to entitle someone to make those decisions for you. A living will, or health care directive, and a power of attorney within your estate will allow you to define what kind of medical decisions you would want done on your behalf, while being done by the person of your choice.
Everyone has items that mean a lot to them. Whether it be that signed hockey jersey you got from your favorite player or even a necklace your grandmother passed down, an estate will define what will happen to these loved items after you are gone.
So, don’t wait! Take the time to create an estate plan no matter what age you are. Be sure to schedule a time once a year to sit down and update your estate plan with your attorney. Need help? Don’t wait to call us at Amy McGarry Law so we may schedule your appointment with Amy. Contact Us