Young people are in the very beginning stages of their adult lives and are presented with so many choices and opportunities. In the first few years of adulthood, very few people take the time to consider their estate planning needs. No one in Oklahoma wants to think about their own death or incapacitation, especially those who are just entering the world of adult life. That said, everyone has the need to create a basic estate plan, even the very youngest adults.
The good news is that early estate planning is often very simple. As most young people have not yet amassed considerable wealth, there are fewer assets to address during planning. A basic will is sufficient for most and can be drafted within a very short period of time.
Incapacitation planning should be the primary focus during a young person's estate planning efforts. Young people are statistically far less likely to pass away than their parents or grandparents, but no one is immune to an accident or unexpected illness. For those who encounter such difficulties without incapacitation documents in place, the outcome can be challenging for their loved ones.
Millennials in Oklahoma and elsewhere should set aside some time to consider what type of estate plan is appropriate for their age and individual circumstances. In most cases, a minimal input of time and effort in the early years will yield an estate plan that can grow over time. By making an annual review of the existing plan, new assets and changes in family structure can be accommodated within that plan as the individual moves into later stages of adulthood.
Source: thestreet.com, "Why Millennials and Generation Xers Need to Worry About Estate Planning", James Salter, Nov. 29, 2015