July 18, 2017

Is someone age 18 too young for a will or other estate planning documents? You might think so initially, but having a plan is always beneficial, particularly if you have special plans for your belongings or assets. In conjunction with a will, other tools like a power of attorney can even help a college student facing a medical issue. Once someone becomes an adult in the legal sense, scheduling a meeting with an estate planning lawyer makes sense just in case.

Putting together crucial estate planning documents is all too easy to ignore. In fact, most people skip the step of having an estate plan at all and don’t even have a basic will that articulates what they want to happen their possessions when they pass away. With no wills, some of the negative consequences that your family members may face include little to no direction, prompting conflicts and litigation costs, leaving children who have no assigned guardian and paying more in attorney fees, costs and taxes.

In addition to putting together a will, you may also want to list a document that explains what you want to happen to your remains, a financial power of attorney, and a health care power of attorney. Individuals with more assets might also want to consider the most basic form of a trust and can accomplish this by consulting with an attorney. There are many different aspects involved in the estate planning process, but it’s important to remember that any person of any age and of any asset amount should consider the benefits of estate planning and consult with an attorney sooner rather than later. Failing to take these necessary steps could put your family members in a difficult situation in the future.