Should I Have an Estate Plan in Place for My 18-Year-Old?
Are you the parent of a recent or soon-to-be high school graduate? A child becoming a legal adult can be stressful for parents. It is a transition period that can be challenging. Adult children who are leaving the nest—whether to go off to college or otherwise—can benefit from an estate plan. In this blog post, our Pearland estate planning attorney highlights key things to know about helping your teenager set up an estate plan.
Every Adult Should Have an Estate Plan—and You are Never Too Young to Get Started
Many young adults lack a comprehensive estate plan. According to a survey from the AARP, only one in five Americans under the age of 40 have a valid will in place—let alone the other estate planning documents that they need. An estate plan is not exclusively reserved for the wealthy or the elderly.
Quite the contrary, it is an important legal tool that all adults should have in place—starting as young as 18. Establishing an estate plan at a young age allows an individual to dictate their financial and medical wishes should they become incapacitated. A proactive approach is always best.
Three Reasons Why 18-Year-Olds Can Benefit From an Estate Plan
Why is an estate plan important for someone who just turned 18? There are some valuable, tangible advantages. Here are three key reasons why young adults in Texas should have an estate plan:
- Control Over Assets:Even if they do not have a significant estate, young adults often possess assets such as a car, savings, or personal belongings that they would prefer to leave to specific individuals. An estate plan gives them control over these decisions.
- Medical Decisions:At 18, parents no longer have automatic rights to make medical decisions for their children. A Health Care Proxy or Power of Attorney ensures that trusted individuals can make important decisions in case of a medical emergency.
- Financial and Legal Management:A Durable Power of Attorney can also provide for financial management if an 18-year-old becomes unable to handle their finances or is temporarily incapacitated.
An Estate Plan Can Easily Be Revised to Account for Life’s Ever-Changing Needs
Finally, an important aspect of estate planning is its flexibility. Life circumstances can—and will—change as one grows older. New assets may be acquired, relationships may evolve, and personal preferences may shift. Starting the estate planning process early makes it easier to stay ahead. An estate plan is not a static document but can be revised to reflect these changes, providing an essential layer of protection as life unfolds. A basic estate plan at age 18 can grow into a more comprehensive estate plan as time passes.
Contact Our Pearland, TX Estate Planning Attorney Today
At John Powell III, P.C., our Pearland estate planning attorney has professional experience that you can trust. If you have any questions about setting up an estate plan for your young adult, we can help. Contact us today to arrange your confidential initial consultation. From our Pearland law office, we are well-situated to provide estate planning services throughout the region.