Estate Planning for Young Adults
Dec. 30, 2022
For many young people, establishing an estate plan isn't a priority. Nonetheless, young adults aren't invincible. As your begin building your career, starting a family, buying your first home, paying off student loans, making investments, or experiencing other major life events, you might consider creating an estate plan. A personalized estate plan can help you provide for loved ones and allow them to avoid expensive and lengthy court proceedings upon your death or sudden incapacitation.
Attorney Steven H. Peck is dedicated to offering experienced and knowledgeable legal guidance to young adults in estate planning-related matters. As a skilled Illinois estate planning attorney, Mr. Peck can educate you about the benefits of having an estate plan as a young adult, as well as which important documents to include in your plan. He is proud to serve clients across Cook County and Lake County, Illinois, as well as those located in the surrounding areas of DuPage County and McHenry County.
At What Age Should Someone Consider Having an Estate Plan?
When a resident of Illinois turns 18, they legally become an adult. At this stage, they can make decisions about their legal, financial, health affairs, and other major life matters. Therefore, once you enter adulthood, it may be a sensible idea to create a personalized estate plan that fits your unique needs. As a young adult in your twenties or early thirties, you can create a simple estate plan and add more provisions to it as you get older and accrue more assets.
Why Should a Young Adult Have an Estate Plan?
The following are some reasons why you, as a young adult, should consider creating an estate plan:
It helps protect or preserve your accumulated assets, property, investment, business, and interests.
It allows you to make adequate provisions for your surviving spouse, children, and other family members.
It allows you to select a legal guardian to help take care of your minor children and manage their inheritances.
It allows you to name a caretaker for your pets.
It allows you to name a trusted person as your power of attorney who can make personal and financial decisions on your behalf.
It allows you to choose a healthcare proxy who can make decisions about your health and medical treatments if you become critically ill, disabled, or suddenly incapacitated.
It helps guarantee that you do not die intestate (without a will). This way, your estate and assets can avoid lengthy probate proceedings.
However, estate planning is for more than just individuals who are wealthy or have lots of assets and property. Whether you have a small, moderate, or large estate, you should still consider creating a properly-drafted estate plan. This way, you can protect your assets and property, prepare for life's uncertainties, and make suitable provisions for surviving loved ones. A seasoned attorney can educate you about some vital documents to include in your estate plan and their purposes.
Important Elements of a Young Adult's Estate Plan
As a young adult considering drawing up an estate plan, you may choose to include any of the following elements:
A will is a legal document that allows you to set forth detailed instructions about how your assets and property should be managed, distributed to beneficiaries, or disposed of after you’ve passed away. In a will, you can also name a personal representative for your estate and a legal guardian for your minor children.
A trust is a fiduciary relationship that allows you (the trustor) to give another person (the trustee or successor trustee) the legal authority and power to hold and manage your trust assets for the benefit of the beneficiaries. Upon your death or incapacitation, the trustee will distribute assets to beneficiaries in accordance with the provisions of the trust documents.
A Power of Attorney
A power of attorney is a written document that allows you (the principal) to authorize a reliable person (your attorney-in-fact or agent) to help make important property, tax, healthcare, legal, and financial-related decisions if you're unavailable or unable to make them by yourself.
An Advance Directive
An advance directive is a legal document that allows you (the principal) to indicate your exact wishes regarding medical care, procedures, or treatment preferences in advance, should you become unable to communicate them as a result of a disability, critical illness, or sudden incapacitation.
What's more, as you continue growing older, adding to your family, acquiring more assets, or making investments, you need to update your estate plan from time to time. An experienced lawyer can help draft, update, or modify your estate plan and make sure they are consistent with your exact preferences.
Let a Skilled Attorney Assist You
Preparing for unexpected life scenarios and the future can never be too early. As you begin to make crucial life decisions, you also have to plan for your accumulated wealth, investments, family, unavailability, and incapacity. Attorney Steven H. Peck has the diligence and resources to advise and guide clients through the complex procedures involved in drafting estate planning documents.
As your attorney, Mr. Peck can explore your available estate planning solutions and help determine the ideal ones for your unique needs. In addition, Attorney Steven H. Peck can guide you through the legal processes involved in creating or updating your will, trust, powers of attorney, or advance directives, and outline a strategic plan to protect your assets, family, and future.
Both young and older adults can benefit from having an estate plan. Contact The Law Offices of Steven H. Peck, Ltd. today to schedule a free consultation with a skilled estate planning lawyer. Attorney Steven H. Peck proudly serves clients in Cook County and Lake County, Illinois, as well as the surrounding areas of DuPage County and McHenry County.