Why Young Professionals Need Estate Planning

by Mary Ellis Patton
Author's Note: This issue is close to my heart. As a young professional, I see too many friends not plan for the future. But we could have so many protections in place for ourselves and our families with just a little bit of planning.

Often our law practice emphasizes the need for older individuals to plan, but in fact every adult should have some plans in place.  

Fresh out of college, you have no assets, you rent, and some still live at home with parents.  Out of graduate school, many are married or in a serious relationship, some may have children, and many have even less money than before.  So, most of us do not think we need any type of “estate planning.”  We believe estate planning is something for our parents and grandparents.  Certainly not for someone in their twenties or early thirties.  After all we have no real assets, right?

What about your checking account or savings account? What happens to those if the worst happens? What if you are in a serious accident and cannot take care of these things? 

Because let’s face it, we are going to die.  If you don’t plan for that undeniable event, the government will do it for you.  If you die without a proper estate plan in place, your assets will be divided how the Kentucky legislature decided they should be.

By putting your affairs in order right now, if tragedy should strike, you can make it easier on the loved ones you will leave behind.

Additionally, young professionals need Powers-of-Attorney.  These are helpful and convenient.  You can allow your spouse or parent to act for you if you are not available.  These work for the DMV, the bank, buying or selling cars, buying or selling real estate, and tons of other things.    

So, even though we may have a lot of life ahead of us, it’s better to plan and not need those plans, then not to plan at all.  

If you have questions, call our office.