Ask any parent with young children, and they will tell you that there is never any shortage of options when it comes to finding presents for birthdays or holidays. Ask any parent with older children, however, and they will tell you that there is sometimes a dearth of gift-giving options, as the wants and needs of their kids have evolved beyond toys and clothes.
Interestingly enough, a growing number of legal and financial professionals are now recommending that parents consider giving their young adult children a rather unorthodox yet highly beneficial gift: a comprehensive estate plan.
Why would a parent consider giving their young adult child an estate plan?
The simple answer, according to experts, is to help prepare for the unexpected. To illustrate, consider what would happen if an unmarried 18-25-year-old child was involved in a serious accident. There would be no immediate answers or clear guidance concerning their medical preferences, the management of their financial affairs or even the disposition of their assets should the unthinkable occur.
What would a comprehensive estate plan for young adult children entail?
According to experts, a comprehensive estate plan for young adult children would likely include an advanced health care directive, HIPPA release, power of attorney and simple will.
This collection of legally binding documents, they argue, would help cover the majority of issues that could arise and eliminate the sometimes costly process of establishing a conservatorship.
Why do young adults put off estate planning?
Simply put, young adults often view estate planning as being reserved for older adults who have more assets worth protecting, and more time and money to take this step. Furthermore, they may simply be unaware of its importance.
What are some of the ways to create a comprehensive estate plan for young adults?
While it's possible to attempt this on your own, experts recommend that parents consider taking their young adult children to see an estate planning attorney who can help ensure that all potential issues are addressed and grant both parties peace of mind about the future.
Are you a parent with young adult children? If so, would you ever consider giving them the gift of an estate plan?