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