Estate Planning for Young Adults: Why You Shouldn’t Wait

Many young adults — even those well into their 30s — believe they are too young to worry about estate planning. Others think they don’t own enough to justify one. But the truth is, an estate is simply everything you own:

• Bank accounts, investments, and retirement plans
• Real estate, vehicles, and business interests
• Personal property, from family heirlooms to collectibles
• Digital assets, including cryptocurrency, social media accounts, and online storefronts

No matter your age or income level, your belongings will need to be distributed if you pass away unexpectedly. And if the pandemic taught us anything, it’s that life is unpredictable. Estate planning isn’t just for the wealthy — it’s for everyone.

Essential Estate Planning Documents for Young Adults

1. A Will

A will is the cornerstone of every estate plan. At your death, everything you own becomes part of your estate, which is then handled by the probate court.

• With a will: The court uses it as a guide, appoints the executor you named, and follows your wishes as closely as possible.
• Without a will: The court applies state intestacy laws to determine who inherits, which may not reflect your wishes.

Your will also allows you to:

• Name an executor to handle debts, taxes, and distribution of assets
• Appoint a guardian and backup guardian for minor children or dependents

These decisions can only be made in a valid will.

2. Advance Healthcare Directive & Durable Healthcare Power of Attorney

Every young adult should have an advance healthcare directive (living will) that:

• States your wishes for medical care if you become incapacitated
• Names a healthcare proxy (or agent) to make decisions on your behalf
• Includes a HIPAA release so your agent can access medical records and communicate with providers

Having these documents spares loved ones from uncertainty during a medical crisis.

3. Revocable Living Trust (Optional but Valuable)

If you own significant assets, real estate, or a business, a revocable living trust may be a smart choice.

• Avoids probate, keeping your affairs private
• Can be updated as your life and assets change
• Provides a clear plan for who receives what, and when

An estate planning attorney can help determine if this option is right for you.

Take Inventory of Your Assets

Before meeting with an attorney, make a list of what you own and what you owe. Include:

• Bank accounts and balances
• Investments (stocks, bonds, mutual funds)
• Real estate and other property
• Retirement accounts (401k, IRA, pensions)
• Life insurance policies
• Business interests
• Valuable personal property (jewelry, collectibles)
• Digital assets (crypto wallets, websites, subscription accounts)
• Email accounts and logins for important services
• Outstanding debts (loans, credit cards)

This inventory helps you decide who should inherit specific items and who should be named as secondary beneficiaries.

Why Start Now?

Planning early provides peace of mind and protects the people you care about. It also allows you to update your plan as life evolves — marriage, divorce, children, or major purchases all affect your estate plan.

Thanks to technology, meeting with an estate planning attorney is easier than ever. Virtual meetings via video or phone can help you create the right plan without disrupting your busy schedule.

Get Started Today

Even if you’re just beginning your career or building your savings, now is the right time to create a basic estate plan.

Call us at (207) 848-5600 to schedule a consultation — whether by video, phone, or in person — and take the first step toward protecting your future and your loved ones.