Select audiences are largely – sometimes even avidly – interested in topics pertaining to estate planning and administration. However, younger people typically do not see estate planning topics as relevant.
Vetted research into people who are in their 20s and 30s and their take on estate planning reveals that legions of younger people consider crafting an estate plan to be a premature and largely irrelevant move. Planning is a down-the-road concern, something logically engaged in by baby boomers and seniors. There is ample time to think about such things later.
That put-it-off mindset is amply revealed in individuals ranging from college students and prospective married couples to moms and dads just starting a family and freshly minted entrepreneurs launching business ventures.
It is understandable, but not based on appreciation for the broad-based utility that considered planning confers on virtually any age group.
Crafting a will: a smart strategy at almost any life stage
An informed Delaware legal source on estate planning underscores a key point for readers. It duly notes that, “In the blink of an eye, your life or the life of a family member can change, forever altering your future and the future of those you love.”
That is unquestionably true for a relatively older individual, but it is just as true for that person’s sons and daughters as well.
Wills command center placement in any timely and tailored estate plan, and their importance for a young planner potentially cuts across many dimensions. A will can promote these key objectives:
- control over where assets go, in lieu of state authorities determining that in the event of death
- clear and much appreciated instructions for loved ones on wide-ranging matters
- establishment of a guardianship for minor children and/or for a loved one with special needs
- crafted powers of attorney providing clear instructions to an agent concerning financial and health care matters in the event of incapacity
- clear directives informing the financial plans of unmarried couples (e.g., same-sex couples and domestic partners)
The ultimate estate planning upside: securing peace of mind
Life is changing and uncertain. Moreover, it frequently and materially alters circumstances for parties of every age and life station.
Executing and periodically updating well-considered and tightly drafted estate documents can provide key clarity at all life stages and ensure that all interested parties are provided for. An experienced and empathetic estate planning attorney can help promote those vitally important goals.