Do My Adult Children Need Wills?

Many people assume that estate planning is only for elderly individuals or those in poor health. While it can be tempting to procrastinate estate planning until later in life, doing so can have negative consequences – both personally and financially. Realistically, every adult should have an estate plan, and it is never too early to start.

If you are a parent of adult children, you may be thinking about their estate plans. Even if your children are only in their 20s or 30s, it is a good idea to start the estate planning process now. As your children age, get married, and have children, they can update their estate plans accordingly.

Key Considerations for Young Adults Wills

Statistics show that people are getting married later in life and staying single longer. Furthermore, many young adults are heavily focused on their careers and earn high incomes – even at a young age. Some follow their entrepreneurial dreams and start their own businesses. These factors make proper estate planning even more important. 

A last will and testament is considered the most basic estate planning tool, and creating a will is a great place to start. If you are a parent of an adult child, you may have recently gone through the estate planning process yourself and will be in a good position to give your children advice as they create wills. Many people are hesitant to create a will because doing so forces them to face their own mortality. Although it is a grim reality to acknowledge, car accidents and other unexpected tragedies happen every day. It important to be prepared for the possibility of an untimely death. Passing away without a will leaves surviving family members with few choices and significant legal hurdles to overcome.

As adult children age, they will likely acquire assets, make investments, start a 401k plan or another retirement plan, and develop a much more complicated financial portfolio. They may have children of their own and will want to name a guardian in their will. Once the foundation of a will is put in place, your child can update and add to estate plans as needed.

Incapacitation Planning is Not Only for the Elderly

The Terri Schiavo case is a perfect example of why incapacitation planning is important for young people. Schiavo was just 26 years old when she suffered a cardiac arrest that left her in a permanent vegetative state. Her family ended up in a multi-year legal battle over her medical treatment. Proper estate planning could have prevented the drawn-out legal dispute.

Once a child turns 18, he or she is a legal adult. This means that parents may not have the right to make medical and financial decisions for the child during a medical emergency unless they are named in the child’s estate plans. Estate planning tools like powers of attorney and living wills are used to plan in advance for the possibility of incapacitation.

Contact a Naperville Estate Planning Lawyer

Contact the Naperville estate planning lawyers at the Gierach Law Firm for help setting up a will, living will, power of attorney, or other estate planning document. We also offer helpful information about estate planning on our YouTube channel. 

Contact us at 630-228-9413 to for a confidential consultation.

Source:

Forbes