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PROTECTING YOU, YOUR FAMILY, YOUR FUTURE | SCHEDULE AN APPOINTMENT | CALL US TODAY! (832) 408-0505

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  • Home
  • About Us
    • Gratia Schoemakers
      • Community Outreach Program
    • Testimonials
  • Virtual Services
  • Estate Planning
    • Estate Planning Basics
    • Last Will and Testament
    • Revocable Living Trusts
    • Durable Power of Attorney
    • Medical Power of Attorney
    • Living Will
    • Family Estate Planning
    • LGBTQ Estate Planning & Asset Protection
    • Kids Safety Plan™
    • Business Succession Planning
    • Guardianship
      • Guardianship Planning
    • Special Needs Planning
    • Legacy Preservation Planning
    • Asset Protection
    • Trusts
    • Pet Trusts
    • Gun Trusts
  • Probate
    • Texas Probate Guide
    • Probate of a Will
    • Texas Affidavit of Heirship
    • Texas Small Estate Affidavit
    • Texas Heirship Determination
    • Texas Muniment of Title
    • Trust Administration
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody / Visitation
  • Blog
  • FAQs
    • FAQs – Videos
    • FAQs – Estate Planning
    • FAQs – Beyond Money in Estate Planning
    • FAQs – Divorce and Estate Planning FAQs and Myths
    • FAQs – Estate Planning for Newlyweds Myths and FAQs
    • FAQs – Estate Planning for Young Adults
    • FAQs – The Estate Planning Cast of Characters
    • FAQs – Expecting an Inheritance
    • FAQs – Myths and FAQs – Planning for Conflict Prone Families
    • FAQs – New and Expanding Families
    • FAQs – Pet Trusts
    • FAQs – Probate
    • FAQs – Standalone Retirement Trust Myths and FAQs
    • FAQs – Trust Modifications
    • FAQs – Unwinding Obsolete Planning
    • FAQs – Why You Want to Avoid Probate
    • FAQs – Year-End Planning Myths and FAQs
  • Contact
    • Virtual Estate Planning Login
    • Client Portal

FAQs – Estate Planning for Young Adults

FAQ – ESTATE PLANNING FOR YOUNG ADULTS

“Estate planning is an important and everlasting gift you can give your family.
And setting up a smooth inheritance isn’t as hard as you might think.”
– Suze Orman

young adults

Who needs estate planning?

Everyone needs estate planning. Children under the age of 18 are protected by their parents’ estate plan but everyone age 18 or older needs his or her own estate plan. Of course, estate plans vary immensely depending on goals, finances, family situation, domicile (where you live). There is no one-size-fits-all estate plan.

How old do you need to be to have an estate plan?

Everyone needs estate planning, no matter their age.  Children under the age of 18 are protected by their parents’ estate plan; everyone age 18 or older needs his or her own estate plan. Of course, estate plans vary immensely depending on goals, finances, family situation, domicile (where you live). There is no one-size-fits-all estate plan. If you’re wondering whether you need an estate plan, you’re asking the right question and, yes, you do.

When do my children need to get their own estate plan?

Everyone is surprised when we answer this question.  Even an 18-year-old high school senior needs her own estate plan. Once a child attains the age of 18, she is legally an adult and must make her own health care, financial, and legal decisions.  Without legal documentation, parents are powerless to act on behalf of their adult children.
Of course an 18-year-old’s estate plan is very different from a 48-year-old’s estate plan because life, assets, goals, and family situation evolve over 30 years, but some basics are the same.

How much money do I need before an estate plan is necessary?

You don’t need to be a Rockefeller or Kennedy to need an estate plan. In fact, you don’t need any assets to need an estate plan. What you do need is one of the following: 1. someone you love, 2. the desire to control your life and finances, 3. the desire to maintain privacy, or 4. the wish to avoid court interference.
To help you think this through, here are non-monetary reasons to have an estate plan in place: 1. an estate plan empowers your trusted helpers to make healthcare decisions and manage your day-to-day business if you’re not able to; 2. appoints guardians for minor children and pets; and 3. avoids medical heroics through a living will.

My child is legally an adult, should she have her own estate plan?

Without a doubt, yes.  Even an 18-year-old high school senior needs an estate plan. Once a child attains the age of 18, she is legally an adult and must make her own health care, financial, and legal decisions.  Parents are powerless to act on behalf of their adult children without legal documentation.

Call or contact the Law Offices of GP Schoemakers today to arrange a consultation with a reputable estate planning lawyer in League City, Texas.  Attorney Schoemakers will meet with you to discuss your situation.

Trust attorney Schoemakers to help you determine the best way to manage your estate.  Call now to schedule an appointment with an estate planning lawyer in Clear Lake, Texas.

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