• 17
  • January
    2012

Young adults today are probably most concerned about finding a job in a tough economy. The perception is that estate planning and creating trusts are concerns for much older people. However, young people, even those with very limited assets, should seriously consider estate planning or trusts in order to prevent headaches for their families in the event that tragedy strikes.

The primary goal of estate planning is to cut down on administrations costs and stress when dividing up assets after someone passes. In fact, when a single person has very few assets to account for, the cost to create an estate plan would probably be minimal, which is all the more reason for people as young as 18 to seriously consider getting their financial affairs squared away.

It's also a good idea for young people to establish proper power of attorney in an estate plan, so time in court can be avoided in the event that a loved one needs to gain that authority. Young, unmarried adults probably assume that their parents can handle their affairs should they pass on. Parents must still go through painful court proceedings if they do not already have power of attorney.

Though trusts can cost more upfront to create, those with a small amount of assets may still consider this to be a viable option. Setting up a trust can save time and money down the road.

Certainly, the unexpected passing of a young person is always tough. Yet the aftermath of such a difficult event can be made less stressful for family and loved ones if the proper steps are taken. Every adult, no matter how youthful, should seek out the proper advice in order to plan their estate.

Source: Green Bay Press Gazette, "Everyone needs estate planning," Carissa Giebel, Dec. 27, 2011