Estate plans also necessary for young adults

Once a person graduates from high school, they start to think about what they want to do next. Some go to college or technical schools to learn a skill or trade. Others may decide to serve their country and join the armed forces, or start a career in their chosen field. No matter what they decide to do, they feel that these are just the first steps toward their goals.

However, many of these people often overlook the importance of estate planning at such a young age. They have just started their families and careers, and may not believe that they have the assets that make an estate plan necessary. They do not think about what would happen to those that would be left behind.

Should the person pass away without an estate plan, the individual's assets will be distributed according to probate laws of the state where he or she lives. These laws pass the property to relatives of the deceased, which may mean that certain people inherit items even though the individual may have had other wishes.

Comprehensive estate plans include wills and trusts, and also healthcare directives, or living wills. A living will allows individuals to express their wishes concerning the type of medical treatment they are to receive should they become incapacitated.

Those over 18 should also create these documents so that they have someone in place to make these decisions on their behalf. Parents or spouses may face challenges in expressing these wishes unless a living will has been drafted.

Young parents need to consider an estate plan as soon as possible, no matter how many assets that the couple may have. This can ensure that the children are cared for if the one or both of the parents pass away unexpectedly.

If you have questions about estate planning, contact an experienced attorney to discuss how you can put a place in place that will provide for your family. You may think that it is too early to consider what will happen if you die, but unfortunately, these things can occur with little to no warning. This can be especially traumatic for those that you leave behind, and failing to create these documents can make it much worse.

Also, if you have an estate plan already in place, you may need to make modifications should there be changes to your family, such as the birth of a child or a divorce. Be sure that your estate plan stays current so that your final wishes can be carried out accordingly.