As a young adult, your major concerns until recently may not have revolved around what would happen to you, your assets or your family in the event of your death. After all, you, like most young Virginia residents, likely believe that you have decades of life ahead of you and have no reason to worry about your demise.
However, a recent event may have made you think differently. For example, maybe you had a close call in which your life flashed before your eyes, or maybe you had a more joyous event and welcomed a child into your family. Whatever the reason, you now feel that creating an estate plan could be in your and your family’s best interests.
What should you include?
Whether you have children or not, creating a will is a valuable place to start when making an estate plan. You can use the document to indicate who you want to receive your assets after your passing, and if you are a new parent, your will is the document in which you can name your desired person to act as your child’s guardian in the event of your and the other parent’s incapacitation or passing.
In addition to your will, you may also want to include documents that can prove vital while you are still alive. For example, after you reach the age of adulthood, your parents no longer have the legal authority to make medical or financial decisions for you. As a result, if you are young and unmarried, creating a power of attorney document to give to someone that you trust with this power, and creating a medical directive so that your care wishes are known, could prevent confusion and complications later.
Are you too young?
You may worry that, since you do not have many assets, estate planning does not make sense for you. However, as mentioned, your estate plan does not have to address only your assets. Any adult can benefit from taking the first steps of creating a plan that can ensure that important matters are taken care of properly in the event of a serious illness, injury or death.
If you are interested in gaining more information on your planning options and the tools that may help you as a young adult, consulting with an experienced attorney may work in your favor.