Estate planning also important for young people

Estate planning also important for young people

| Sep 11, 2018 | Estate Planning |

Some Ohio millennials may think that making out a will and other estate planning documents are not important, especially until later in life. In fact, 78 percent of millennial Americans have no will or other estate documents. In general, people don’t like to think about death, and young people in particular simply may not see it as important. However, the consequences of dying without a will can be significant, especially for a person’s loved ones.

If someone dies without a will, his or her belongings will be distributed according to state law on intestacy. People who are young, single and have no children are most likely to see their assets pass to their parents if they die intestate. While many people in this category may be happy to leave behind their goods to their parents, a will can speed along the process and prevent unnecessary disputes and lengthy processes.

However, a will is not the only estate document that is important for young people. Two of the most important documents that everyone should have in place are a durable power of attorney and an advance medical directive. A power of attorney names a person to manage financial matters on a person’s behalf in case he or she is incapacitated. An advance medical directive lays out a person’s wishes for the end of his or her life, especially about life support measures and what kind of measures should be taken in case of permanent incapacity.

Young people may realize how important it is that their wishes are made clear in case of an unexpected emergency. An estate planning lawyer can help a client develop key documents like a will, trusts and powers of attorney to provide for loved ones in the future.