Why Young Adults Should Make Their Estate Plans

 Posted on January 21, 2025 in Estate Planning

Estate planning is usually thought of as something older adults do when their health starts to fade. While certainly, people who are becoming elderly should review and update their estate plans, younger adults should establish at least a basic will or trust. No one expects to pass away before they grow old, but life can bring unpredictable surprises.

Few younger adults who pass away unexpectedly have estate plans in place for their families to fall back on. Not having a will or trust to rely on can make an already upsetting time even more difficult for surviving family members. Executing a simple will or trust gives your family or other loved ones instructions to fall back on and can provide them some comfort knowing that your final wishes can be carried out. An experienced Lake County, IL estate planning attorney can help you create the plan you need now.

Simple Wills or Trusts Protect Your Loved Ones

When a person dies without a will, the law sets out who will inherit his property. Normally, a person’s spouse and any children he has are the primary heirs. If the decedent was not married and did not have children yet, his parents, followed by his siblings, are most likely to inherit. Unfortunately, a long-term boyfriend or girlfriend is not entitled to receive anything at all unless there is a will naming the long-term partner as a beneficiary. If you are not married but would want to protect your partner, best friend, niece, or other people who are not your closest legal relatives, you would need an estate plan to do this.

Addressing Difficult End-of-Life Issues 

When you make your will or trust, you should also take the time to complete healthcare powers of attorney and a living will. These advance directives let you name the person you would want to make medical decisions for you if you were to become incapacitated after an accident or illness and provide clear instructions about what type of care you would want in this event. For example, you can state whether you would want measures like prolonged life support.

Creating a Legacy 

Younger adults who do not have a family of their own to provide for yet often use their wills or trusts to serve a charitable purpose. Creating a will or trust that benefits a charitable organization can be a good way to create a lasting legacy for yourself in your community.

Contact a Lake County, IL Estate Planning Attorney 

Newland & Newland, LLP is committed to helping younger adults create the estate plan that is right for them in this stage of life. Our experienced Libertyville, IL will and trust attorneys will work closely with you to establish the estate plan you need now. Contact us at 847-549-0000 for a complimentary consultation.