Why Is Estate Planning Necessary to Consider as You Graduate From High School?

Graduating from high school is a memorable milestone in everyone’s life and brings the joys of newfound independence and an exciting range of opportunities. It’s a time to explore career paths, consider a suitable college major, or take your first steps into the workforce.

In the middle of all the excitement, it’s very easy to overlook a critical topic —estate planning. Most people consider estate planning something only older adults worry about, but it is actually just as important for young adults stepping into legal adulthood.

At Casey Lundregan Burns, P.C., we’ve spent over 90 years helping families across Massachusetts plan for the future. Our team is here to guide you through the process of creating an estate plan tailored to your needs, ensuring you are prepared for whatever life may bring.

Legal Adulthood and Independence

Turning 18 is a pivotal moment. Legally, you’re now an adult, and with that comes new responsibilities and challenges. It also means that your parents no longer have automatic access to your health or financial information. Without the proper legal documents in place, they might be unable to make decisions for you in an emergency.

Let’s illustrate with a hypothetical—but unexpectedly common—scenario: You’re away at college, and something unexpected happens that requires a serious medical decision. Without a healthcare directive or power of attorney, your family could face huge obstacles when stepping in to help. Creating an estate plan ensures you’re protected and that someone you trust can act on your behalf.

Healthcare Directives

A healthcare directive, such as a healthcare proxy or living will, is essential for young adults. These documents allow you to name someone to make medical decisions for you if you’re unable to do so yourself.

For many young adults, moving away from home—whether to attend college or begin a new job—can mean engaging in some higher-risk activities, such as driving long distances or playing high-level sports. In the event of an accident, having a healthcare proxy means your chosen representative can communicate with doctors and make the best decisions for your care.

This small step provides peace of mind—you can rest assured that your healthcare wishes will be respected and overseen by someone you trust.

Financial Power of Attorney

A durable power of attorney for finances is another critical part of an estate plan. This document lets you appoint someone to handle your financial matters if you are unable to do so. For example, imagine you are studying abroad or become temporarily incapacitated. The person you designate can manage tasks like paying bills, accessing your bank accounts, or handling insurance matters on your behalf.

Think of this as a safety net. While no one really anticipates needing this when they’re freshly out of high school, having a financial power of attorney in place does save time and helps avoid unnecessary complications during already extremely stressful situations.

Basic Will

You might be thinking, “Why would I need a will when I don’t own much?” Well, wills aren’t just for the wealthy. Even if you have limited assets, a simple will can clarify how your belongings should be distributed and who should handle your affairs if something happens.

A will also give you the opportunity to name a guardian for any future children, ensuring they are cared for by someone you trust. Establishing these preferences now sets a foundation you can update as your circumstances evolve.

Digital Asset Management

In today’s interconnected world, digital assets are a common part of our lives. From social media accounts to online banking and even cryptocurrency, managing these assets is an important aspect of estate planning.

Including instructions for your digital assets in your estate plan ensures your accounts are handled according to your wishes. You can designate someone to manage these assets, close accounts, or preserve meaningful content. It is a thoughtful way to protect your online presence and avoid unnecessary confusion for your loved ones.

Guardianship

While it might feel like guardianship planning does not apply to young adults, it is worth considering for the future. If you are responsible for younger siblings or anticipate having children one day, a guardianship nomination ensures that your wishes are honored should anything unexpected occur.

This proactive step may seem far off, but it is an integral part of comprehensive estate planning. Putting your preferences in writing now eliminates uncertainty down the road.

Simplicity and Foundation

Estate planning does not have to be overwhelming. By starting early, you establish a foundation that can be adjusted as your life changes. Whether it is a new job, marriage, or children, your plan evolves with you.

Think of it as setting the groundwork for your future. Starting with basic documents like a healthcare proxy, power of attorney, and a will ensures you are protected today and prepared for tomorrow.

Young adults aged 18-34 are the only age group that has not seen a decline in estate planning rates since 2020.

Secure Your Future Today – Contact Casey Lundregan Burns, P.C.

Estate planning is about more than just paperwork; it’s about protecting your independence and making your wishes known. At Casey Lundregan Burns, P.C., we have been helping Massachusetts families navigate these decisions for generations. Our dedicated team can help you create a plan that fits your unique situation.

Contact us today at (978) 878-3519 or complete our online contact form to schedule a consultation. Let’s work together to secure your future.

Disclaimer: The information in this post is not intended as legal advice or as a substitute for the particularized advice of counsel. For more information, please consult an attorney.