A common assumption by young adults is that they do not need to take the time to put an estate plan in place because as young adults, they don’t have an “estate”; however, if you have a bank account, 401 (k) or other assets, you have an estate. If you don’t have any financial assets or if all of your financial assets are currently titled with your parents, you should consider having an Advance Directive for Health Care designating healthcare agents and providing them with treatment preferences and a Financial Power of Attorney naming an agent to take care of financial matters during times of incapacity.
In addition to these documents, a Last Will and Testament should be considered if you wish to leave assets to anyone other than your heirs at law. You should also review the beneficiaries on various accounts (IRAs, 401(k)s, brokerage accounts, etc.) to ensure that you have designated the individuals you wish to receive your assets in the event of your death. If you are investing in cryptocurrency, it is important that you document the fact that you are investing and to provide a method to transfer the private key to access the assets upon your death.
When naming beneficiaries, we recommend that you only name beneficiaries who are adults and that if you wish to leave the assets to minors, you work with an attorney to draft a Will or Trust that includes a trust for the minor beneficiaries.
At Grissom Law, we work with clients in all stages of life, including young adults, to develop estate plans that meet their specific needs. Contact us at 678.781.9230 to schedule an appointment to discuss your estate plans.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.