Estate Planning for Young Adults: Why It’s Never Too Early to Plan Ahead.

Young adults in Indiana can benefit significantly from estate planning, regardless of their age or financial situation. An estate plan can provide peace of mind, protect loved ones, and ensure your wishes are honored in the event of incapacity or death. Estate planning is simply making legal arrangements for the management and distribution of your assets and affairs. This includes designating who you would like in certain roles, either making decisions while you are here but unable to make your own decisions, and after you are gone. And, you can never plan too early.

Many college students will soon be returning from college. If a college student is over 18 years of age, the student is legally considered an adult, even though their parents may still perceive them as a child. In the unfortunate event that the student should become unable to manage their own affairs, whether by accident, illness, or death, especially while away at college, parents are surprised to learn that they may not have automatic access to the student’s medical and financial information.

Young adults, even if just starting to build wealth and regardless of relationship status, will likely have assets such as bank accounts, retirement accounts, personal belongings, and possibly real estate. Without a proper estate plan, Indiana’s intestacy law could determine how such assets are distributed which may not align with your wishes or benefit your loved ones, and may require court proceedings.

If you have minor children, estate planning allows you to designate a guardian to care for them in the event one would ever be needed. Without a designated guardian, the court will decide who will raise your children, potentially leading to contentious battles or placements that do not reflect your wishes.

Estate planning is a vital aspect for every adult, no matter age. It is never too early to develop a plan. By taking proactive steps to create a comprehensive estate plan, it can protect your assets, provide for loved ones, and ensure that wishes are honored, regardless of what the future holds.

This article is for information purposes only and is not intended to constitute legal advice.