Personal Injury Lawyers
of Long Island

(631) 801-0057

  • Home
  • Credentials Matter
  • Practice Areas
    • Personal Injury
    • Car Accidents
    • Truck Accidents
    • Workers Compensation
    • Medical Malpractice
    • Wrongful Death
    • Cruise Accident
  • Blog
  • Free Case Evaluation

August 12, 2020 by PILLI Law

Wills and Young Adults–Why Now?

As the economy expands and individual assets increase throughout the country, estate planning becomes even more important to safeguarding a secure future. Will drafting is an essential part of estate planning, even for young people. Despite popular belief, estate planning is relevant not only to older citizens, but to individuals of all ages. Wills allow individuals with families, homes, financial accounts, businesses, or various physical assets to designate ownership after death and mitigate property disputes. In a sea of misinformation, many individuals question the actual legitimacy of estate planning, especially considering the fluctuating economy. Many attorneys, such as an estate planning lawyer from Brandy Austin Law Firm, PLLC, and experts place a heavy emphasis on starting the estate planning process as soon as a young adult reaches majority.

Once a teenager turns 18, they acquire a new set of responsibilities. These powers often present themselves as burdens, especially for Americans who lack the knowledge and financial freedom to prepare appropriate estate plans. These responsibilities include, but are not limited to, decisions regarding personal health, financial accounts, physical property, and lifestyle choices. Therefore, it is extremely imperative that parents engage in conversations with their young adults about the consequences of these newfound powers. Wills grant young adults the power to ensure that their personal wishes regarding these responsibilities are followed in the case of their untimely death. As a result, young adults should start planning their estates immediately for a variety of reasons.

First, drafting a will allows the author to designate a particular person to make important decisions in the place of the individual. Such designation assures that the individual’s wishes are known and considered, despite any unfortunate circumstances that might otherwise deter such abilities.

Second, drafting a will allows a young adult to designate their assets, including digital ones, which are often-times forgotten. Naturally, many young adults are burdened with tremendous amounts of student debt. As a result, many do not understand the importance of cataloguing and designating their assets simply because most do not realize that they logistically have any to give. In 2019, a management study suggested that nearly 49% of individuals without any estate planning documents in place failed to create a will because they believed they had no valuable assets to convey; however, many people forget to consider daily luxuries like vehicles, real estate property, jewelry, or inheritances. Regardless, it is extremely important to plan the distribution of these daily assets so that the desired people receive them. Often forgotten, digital assets are becoming more and more contested as people forget to consider such items before death. Digital assets can include, but are not limited to, photographs, hard drives, work files, and social media accounts. As a result, it is more important now than ever before to inform family members where and how to locate information regarding these digital assets. With a will, these assets become even more accessible for the right people.

Third, drafting a will allows a young person to designate pet ownership after the individual’s death. Although many young adults do not have children, pet ownership is on the rise among the younger generations. To many young couples, pets are the millennial equivalent to children. Just like traditional parents typically establish a guardianship plan for human children in case of one or both of their deaths, pet parents should establish similar plans as well. As the number of household pets grows across the country, more people are establishing ownership for their pets in their own wills to ensure their pet’s survival after the owner’s death.

The modern world now demands more young adults than ever before. With an increased need for education and a general demand for experienced workers, young adults are too commonly stretched thin for little pay and minimal benefits. Estate planning aims to help smooth the path ahead and avoid complications caused by lack of proper preparation. Consequently, it is crucial that young adults engage in critical estate management to secure their presents and promote their futures.

Filed Under: Uncategorized

  • Home
  • Credentials Matter
  • Practice Areas
    • Personal Injury
    • Car Accidents
    • Truck Accidents
    • Workers Compensation
    • Medical Malpractice
    • Wrongful Death
    • Cruise Accident
  • Blog
  • Free Case Evaluation

LONG ISLAND PERSONAL INJURY RESOURCES

Long Island Personal Injury Law Firm
Long Island Personal Injury Lawyer
Long Island Car Accident Lawyer
Long Island Workers Compensation Attorneys
Long Island Medical Malpractice Attorneys
Long Island Wrongful Death Lawyer
Long Island Cruise Accident Attorneys
Free Legal Advice
Legal and Financial Advisor Rockville MD
Car Accident Lawyer Long Island NY
Long Island Truck Accident Attorney
Auto Accident Lawyer Long Island
Long Island Car Accident Lawyers
Long Island Auto Accident Lawyer
Long Island Car Accident Attorney
Car Accident Injury Lawyers Indianapolis IN
Who is the Top Bankruptcy Lawyer in Cypress, TX Civil Rights Litigation Lawyer Washington, D.C.
Personal Injury Blog
Denver Bicycle Accident Lawyer
Bus Accident Lawyer Los Angeles CA

Location

500 Merrick Road
Suite 200
Rockville Centre, NY 11570
(631) 801-0057

Free Consultation

Request a free consultation with one of Washington DC's premier personal injury law firms.

Request Free Consultation

No Legal Advice Intended. This website includes general information about legal issues and law practices. Such materials are for informational purposes only and should not be considered legal advice or counsel. Information may not reflect current legal standards. For legal advice specific to your needs, contact an attorney licensed in your jurisdiction. Do not rely on any statement on this website for any reason whatsoever. Furthermore, the information contained in this website is for informational purposes only. It is not, nor is it intended to be, legal advice or representation. Your review or use of this web site, its information and links does not create an attorney-client relationship or an attorney-client privilege between this law firm and you. Statements made to this firm before the formation of an attorney-client relationship may not be privileged and confidential.



© COPYRIGHT 2023 LONG ISLAND PERSONAL INJURY LAWYERS | POWERED BY Matador Solutions - Internet Marketing Company

Other Resources
American Bar Association | The American Lawyer | National Lawyers Association | Lawyers Without Borders | American College of Trial Lawyers | American Bar Association | National Association of Women Lawyers | Lawyers Associated Worldwide | Cohen & Cohen P.C. | Auto Accident Lawyer DC | Auto Accident Lawyers Washington DC