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Estate Planning for Young Adults

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Whether you are the parent of a young adult or a young adult yourself, it is important to know that it is never too early to start estate planning. In fact, the earlier you start, the more successful your estate plan will be. In addition, the harsh reality is that death and incapacity can happen to anyone at any time, further highlighting the importance of having an estate plan in place. To help get you started, an Essex Junction attorney at Unsworth LaPlante, PLLC discusses estate planning for young adults.

Young Adults and Estate Planning: What Should Be in a Plan?

An estate plan, even a “beginner” plan, should be tailored to fit the needs and goals of the person creating the plan. Nevertheless, there are some tools and components that are commonly found in the estate plans of young adults, such as:

  • Last Will and Testament. A Will serves as the foundation of most estate plans and can be used to distribute your entire estate. Along with designating beneficiaries who will inherit your estate assets in your Will, you will also appoint an Executor to oversee the probate of your estate and nominate a Guardian for your minor children (if you have any) in case something happens to you, and one is needed.
  • Revocable living trust. You may choose to include a revocable living trust in your estate plan both to help your estate avoid probate and to plan for the very real possibility of incapacity. Assets held in a trust are not required to go through probate, making a trust an excellent probate avoidance tool. To plan for incapacity, the same trust allows you to name yourself as the Trustee and name someone of your choosing as the successor Trustee who will step in and take over managing the trust if you become incapacitated.
  • Life insurance. Because they have yet to amass a significant estate, many young adults purchase life insurance to ensure that loved ones are taken care of if something happens to them. Talk to your estate planning attorney about the benefits of creating an irrevocable life insurance trust (ILIT).
  • Living Will. This is an advanced directive that allows you to decide now whether to accept or reject certain type of life-sustaining or life-prolonging medical treatment in case you are unable to express your wishes at a future date.
  • Health Care Power of Attorney. This is another important advanced directive that let’s you appoint someone to be your Agent. Your Agent will have the legal authority to make healthcare decisions for you if you are unable to make or communicate your wishes because of incapacity.
  • Durable Power of Attorney. A Power of Attorney allows you (the “Principal”) to appoint an Agent who will have the authority to act on your behalf in financial and/or legal matters. You can give someone general power of attorney or limited power of attorney. Making a power of attorney durable means that the authority granted to your Agent will survive your incapacity.

Are You a Young Adult Interested in Estate Planning?

For more information, please attend one of our upcoming FREE webinars. If you wish to discuss estate planning for young adults, contact an experienced Essex Junction estate planning attorney at Unsworth LaPlante, PLLC by calling 802-879-7133 to schedule your appointment today.

Wendy S. Hillmuth
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