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Why young adults should engage in estate planning, too

On Behalf of | Mar 13, 2024 | Estate Planning

Talks on creating trusts, wills and estate plans often involve people aged 50 and above. They usually have worked for many years, bought properties or are supporting dependents. Estate planning, though, doesn’t only apply to experienced individuals. Any adult in California, aged at least 18, can create an estate plan to manage their life and assets.

Things to include in your estate plan

Everyone knows that accidents can happen, so they should prepare for the unexpected. Having an estate plan ensures the fulfillment of the owner’s wishes on who should get the following:

  • Funds from a bank account: If there’s a joint account, the other account holder will automatically get the funds.
  • Residential property: The surviving spouse will be the sole owner of the house that’s registered as community property in a California county.
  • Other assets of the estate: The owner can specify who gets what, except for financial investments and insurance proceeds. The beneficiaries named in financial records will receive the monetary fruits.

An estate plan can include powers of attorney for financial and medical decisions in case the owner becomes unable to decide. Parents can also add provisions on how to raise their minor children.

Securing the management of your assets in life and death

Estate planning involves more than just the creation of trusts and wills. A living will is an advanced directive that says what to do with you while you’re incapacitated. It may include the owner’s choices for financial concerns, medical decisions and childcare provisions.

Ensuring that your loved ones get their fair share of the estate

With life’s uncertainties, it’s vital to manage your assets correctly to show your concern for your loved ones. Creating an estate plan early assures them of your care and support in case something untoward happens to you.