Why Young Adults Should Have an Estate Plan

Manyfamilies overlook the critical fact that once their children turn 18 they reachthe age of majority in most states. Once an individual reaches the age ofmajority, his parents can no longer automatically see his records or make decisionson his behalf. 

Most18 year olds do not have a substantial amount of property and therefore,believe they do not need an estate plan. However, an estate plan goes beyond determiningwhere property goes when someone dies. A comprehensive estate plan includes whowill have the ability to make financial and health care decisions. Without thecorrect documentation, some medical professionals may refuse to release information,or allow parents or other relatives to make health care decisions.

Youngadults wanting their decision-making preferences carried out should fill outthe basic estate-planning documents when they turn 18. Every couple of years thesedocuments need to be renewed. Everyone should appoint a relative or trustedfriend to serve as their financial or health care proxy. Doing so will ensurethat your intentions are carried out when you are not around. 

See Anne Tergesen Why Your College-Age Children Need an Estate Plan, The Wall Street Journal,  Sep. 21, 2013.