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Estate planning can help young people

| Sep 14, 2018 | Estate Planning |

Young people in Virginia may not dedicate a lot of time or mental energy to thinking about estate planning. For many millennials, especially those who are single and do not have children, making out a will seems unimportant or a matter to be considered for the future. According to one survey, 78 percent of younger adults do not have a will or other estate documents in place. While many note that death is an unpleasant topic, for many people, the issue is simply off their radar.

Creating a will can be important, especially if the unexpected were to occur. This document spells out exactly how a person wants his or her assets to be distributed. If someone passes away without a will, state laws on intestacy will apply. For people who are single without children, their parents will generally inherit any assets. Even those who are satisfied with their parents receiving everything may want to save them time and potentially costly fees by making their wishes clear.

There are two other documents that are particularly important for people of any age. Many young people have strong feelings about life support and other measures if they are in a persistent vegetative state. By making an advance health care directive, a person can make clear his or her own wishes concerning end-of-life decisions in this situation. People can also name a representative to make their health care decisions while incapacitated. A durable power of attorney is also important as this document names someone to make financial decisions in case of incapacity.

While creating an estate plan may not have been at the top of many millennials’ agendas, it can be important for their loved ones and the future. An estate planning attorney can work with people of any age to develop a plan that includes critical documents like trusts, wills and powers of attorney.