Estate Planning Isn’t Just for the Wealthy or Retired

When most people hear “estate planning,” they picture the rich or folks heading into retirement. But here’s the truth, if you’re over 18, estate planning matters for you, especially if you have young kids.

We like to think of estate planning as “lifetime planning.” It’s not just about what happens to your stuff when you’re gone. It’s about making sure someone you trust can make decisions for you if you’re ever too sick or hurt to speak up for yourself. That’s where a living will and health care directives come in. These simple documents let you say who should handle your medical choices and spell out your wishes if you can’t.

Why It Matters for Young Adults?

Turning 18 is a big milestone. Suddenly, your parents can’t automatically make medical or financial decisions for you anymore. If you’re in an accident or get seriously ill, someone needs legal permission to step in. Having a power of attorney, health care proxy, and living will in place means your wishes are honored and the people you trust are in charge.

Here’s a quick breakdown:

Power of Attorney:

A Power of Attorney (POA) is a legal document that allows you to give someone else permission to act on your behalf in legal and financial matters, if you become unable to make decisions yourself.

Health care proxy:

A healthcare proxy is a legal document that lets you name someone to make medical decisions for you if you are unable to make or communicate those decisions yourself. This person can speak with your doctors and make sure  your healthcare wishes are followed if you become incapacitated.

Living Will: (not be confused with a Last Will and Testament)

A living will is a legal document that lets you state your wishes about medical treatments you do or do not want to receive if you become seriously ill or unable to communicate. It guides doctors and loved ones in making healthcare decisions for you at the end of life.

Parents, Don’t Leave Guardianship to Chance:

If you’re a parent, estate planning is even more important. The only way to legally name a guardian for your minor children is through a will. If something happens to you, a judge will decide who raises your children, and that’s not a decision you want to leave up to chance. Imagine having the peace of mind knowing your kids will be cared for by someone you choose, not someone the court picks.

Planning for Your Assets:

Once you start building up savings, buying a home, or investing for the future, it’s time to think about how those assets will be managed if something happens to you. Wills and trusts help make sure your money and property go where you want them to. And don’t forget to check your beneficiary designations on things like life insurance and retirement accounts, they’re just as important as your will.

Keep Your Plan Up to Date:

Life changes fast. Marriage, divorce, new babies, or even the loss of a loved one, these are all times to review and update your estate plan to keep yourself (and family) protected. Keeping your documents current means you’re always prepared, no matter what life throws your way.

Ready to Take the Next Step?

Estate planning isn’t just for the wealthy or the elderly, it’s for everyone who wants to protect themselves and their loved ones. Don’t wait for a crisis to start planning.

Contact us today to schedule your consultation.

About the Author

Leslie has been practicing law since 2009 and is the host of the estate planning podcast 'Legacy Purse'. She has a long history of representing family members struggling to inherit property and/or wealth from deceased family members through the Probate Courts. Knowing how time-consuming and expensive the probate process is, Leslie takes great pride in helping her clients learn how to plan and protect their families during their lives so they can avoid the probate court process and save their loved ones that additional grief (and expense).