Estate planning in your 20s and 30s

January 30, 2014, by

Most people in their first few decades don't have any estate planning done, and certainly don't have it at the top of their to-do list. But there are good reasons a person in their 20s or 30s should consider putting their intentions in writing, whether in a Will or Living Trust:

  • Of course, if you have children, you can designate guardians for them. But that's just the start.

  • The death of a younger person can leave their parents with difficult questions to answer at a terrible time. Estate planning can make the process easier for everyone. It would designate who would be in charge of making decisions. And it would be a comfort for survivors to know that their loved one's wishes were being followed.

  • Estate plans can include provisions for beloved pets.

  • Estate plans can include frequently-used passwords. Even though passwords are likely to be changed or rotated, an indication of what a password is likely to be could make things easier for a Personal Representative who wishes to protect their loved one's valuable online content.

  • Estate plans can last a long, long time. We recently probated a Will that was drafted in 1961. It still met the family's needs, despite its age. And it vastly simplified the process of administering the estate.

  • A Will can include provisions for a life partner who is not a spouse.

  • Estate plans can express personal values by specifying contributions, regardless of size, to favored charities.

  • A meeting regarding estate planning can help couples understand the nature of community and separate property, and how to make plans for both.

  • If you have a child with special needs, you can protect their future with a Special Needs Trust.

We're happy to help with estate planning at any age. Give us a call or drop an email.