Galloway and Collens, PLLC
248-397-5507
248-397-5507

The creation of an estate plan is not just for the elderly

It is estimated that a large majority of young people have not thought about estate planning. The creation of an estate plan is often thought of as an elderly issue or an undertaking to be tackled once a certain level of wealth or assets has been accrued. However, young adults in Michigan may need an estate plan in place many years before they may traditionally think about such ventures.

Sadly, tragedy has no age requirement. Anyone, regardless of youth and vitality, can find him or herself incapacitated and unable to make important health and financial decisions. By having a clear healthcare directive in place as a young adult, family fights or disagreements about medical treatment can be avoided.

Social media is a part of daily life for young adults. While not a monetarily valuable asset, having a clear plan or designated handler of social media accounts is necessary in this day and age. This can entail leaving behind passwords and user IDs. How these accounts are handled after death can be a highly personal decision as well as a technical one. Therefore, it may be best to choose a tech-savvy friend who will follow through with one's wishes for these accounts.

The issues that may encompass and be included in an estate plan are not unique to age. Those issues may be uncomfortable to address for the young, but this makes addressing them no less important. Young adults in Michigan can benefit from inquiring about traditional estate plan documents, such as wills and healthcare directives, as well as customized details relative to their lives and the technological times in which we all live.

Source: forbes.com, "Young People Need Estate Planning Too", Tania Brown, Aug. 20, 2015

No Comments

Leave a comment
Comment Information
  • dbusiness - 2016 Top Lawyers
  • dbusiness - Top Lawyers
  • Lead Counsel Rated Attorney
  • Senior & Caregiver
  • American Apartment Owners Association - Member since 2015
  • Same Address
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-397-5507.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Toll Free: 888-349-0309 Phone: 248-397-5507 Fax: 248-545-2520 Huntington Woods Law Office Map