September Newsletter: Estate Planning for Young Adults
September’s newsletter covers estate planning for young adults, from basic first documents to smart financial strategies. It’s a great read to gain actionable first steps your young adult child can take toward financial literacy and estate planning to ensure a secure transition into adulthood. Here’s what you’ll find inside:
Starter Estate Plan for High School Seniors
As high school seniors gear up for adulthood, it’s crucial for parents to delve into estate planning. This ensures they can step in when their child turns 18, as they may no longer have legal authority over their affairs without proper documentation. Essential estate planning documents for 18-year-olds include:
- a medical and financial power of attorney
- an advance directive (or living will)
- a HIPAA waiver
Does a Young Adult Need a Will?
While young adults may not own much, they still likely have assets—whether traditional (bank accounts) or digital (cryptocurrencies). Creating a will ensures that their belongings, no matter how small, are distributed according to their wishes. Without one, their assets will go through probate, and the court will assign an executor. Encouraging your child to think about estate planning fosters independence and control.
What A High School Senior Needs to Know Before Graduating
High school seniors should prepare for the sometimes harsh financial realities of adulthood. With rising tuition costs and student loan debt, it’s essential they understand loan terms and establish good credit early. Inflation has impacted Gen Z’s earnings, and while credit cards and investments can be useful, young adults must be aware of interest rates and smart investment strategies. To ensure financial success, young adults should prioritize financial literacy and long-term planning with professional guidance.
Estate Planning for Young Adults Starts Here
Ready to empower your teen with the tools they need for a secure future? Read the latest newsletter in full and contact Law Stein Anderson today to schedule a consultation. Don’t wait—start protecting their tomorrow, today!