Ric Edelman, Edelman Financial Group founder, believes everyone over the age of 18 should have an estate plan: “It’s not about money; it is about the administrative aspects of a life.” These administrative aspects include virtual as well as physical possessions. Younger generations tend to lead a large portion of their lives in a virtual world. Social media accounts, to which parents may not have authorization for admittance after a child passes, can be more easily accessed by planning ahead of time. While this can be awkward, Edelman notes: “If the young adult feels uncomfortable revealing information to a parent, the information can be given to the attorney who does the estate planning with the condition it be opened upon death.”
See Karen DeMasters, Even Teenagers Need Estate Plans, Says Edelman, Financial Advisor, November 27, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
