Why ALL Adults Should Consider Estate Planning

When you hear the term estate planning, what is your initial reaction? For many young adults, the first response is to tune out and ignore the conversation because, traditionally, estate planning has been marketed to aging Americans rather than adults of all ages.

We’re here to tell you there are important estate planning documents that should be in place even if you recently turned 18 years old. Georgians of all ages have estate planning considerations that should be accounted for and checked off.

Estate Planning Documents for Children

Obviously, your child doesn’t need an estate plan of their own, but they are a crucial part of your estate. First off, your children aren’t legally allowed to acquire most assets in their name in Georgia. If you want them to obtain assets in their name, it’s best to place them in a trust so the assets aren’t caught up in Georgia probate.

Additionally, you want to have a plan in place to take care of your children should something happen to you. We can’t always plan for what happens in life, but we can be prepared for the response. Guardianship is an effective way to set up the care of your children, including how you want them to be raised through education, religion, healthcare, and more. Making sure you have these in place protects your children and your family in times of need.

Estate Planning for Young Adults

Once you turn 18, you are an adult in the eyes of the law. What many parents don’t realize is that this means parents lose access to certain information and decision-making powers for their children. Imagine a scenario where your child moves out on their own or goes to college, and an accident occurs. Unless you have documents in place, you may not be given access to medical information—including even which hospital your child is at.

Having a power of attorney and healthcare directive in place ensures the family still has access to that information and is able to make informed medical and financial decisions when things go wrong.

Estate Planning for Aging Loved Ones

When you have children of your own, the time has come to expand your estate plan to make sure the documents above are accounted for, as well as documents that you need to protect your assets, maintain eligibility for important government programs, and have a plan in place to preserve your legacy.

As you advance in age and begin to face potential cognitive challenges, it’s important to talk about who is going to be making healthcare and financial decisions through power of attorney designations and healthcare proxies.

When You’re Ready, We’re Here

LT Fobi Law is founded on the idea that everyone deserves the same opportunities to establish and protect their legacies while also fostering generational wealth. When you’re ready to start your plan, contact our offices in Atlanta to get started.