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Why is estate planning important for young adults?

When going to college, getting started in one's profession, getting married or starting a family, one of the last things on a young person's mind is his or her mortality. Estate planning is not meant for young people after all, right? Actually, there are reasons as to why young adults in Michigan would benefit from having the legal protections offered in an estate plan in place.

The whole point of estate planning is to be prepared for what is to come and to give oneself a voice. Without a will, trust, power of attorney and/or beneficiary designations -- among other estate planning documents -- one will have no say about what happens to one's estate in the event of death or incapacitation. It will simply be passed to one's parents, a surviving spouse or to a judge who will decide what to do with it.

It is believed that the vast majority of young adults in the country do not have even basic estate planning documents prepared. In fact, a recently released survey claims that 78 percent of adults under 36 years of age lack wills or trusts. That is a significant number of individuals who are walking around unprotected.

At the end of the day, it does not matter how many assets one has or how financially stable one is when it comes to estate planning. It is about more than money. It is about making sure one's loved ones are taken care of in the event of one's death or incapacitation. It is about giving oneself a voice when one is no longer in a position to decide things on his or her own. An experienced attorney can help young Michigan residents through the estate planning process so that they set up only those protections that they truly need.

Source: wealthmanagement.com, "Engage Millennials in Estate Planning", Jamil G. Daoud, June 19, 2017

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