FAQ – ESTATE PLANNING FOR 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.
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
- Take a close look at your assets
- Help you understand wills and trusts
- Design an estate plan that meets your needs
- Make sure you Minor Children are taken care for – check out our Kids Safety Plan™.
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.