Sonoma Estate Planning for Young Adults Turning 18
Turning 18 can be an exciting time in a young adult’s life. They may be leaving their parent’s home for the first time, perhaps going to college, starting a full-time job, or even getting married or expecting a child. While it is a time full of hope and promise, it can also be a confusing time—there are so many important decisions to be made that can alter the course of a young person’s life. One thing that doesn’t have to be confusing is having an estate plan prepared. While many young people think they don’t need an estate plan until they are older, have children, or have more assets, every adult can benefit from having an estate plan. Less than 25% of young adults between the ages of 18 and 34 have a will, and even fewer have an actual estate plan.
You probably think you have lots of years to think about an estate plan—and you probably do. Unfortunately, the unexpected can strike anyone at any time. Wouldn’t you rather be prepared for any eventuality than have your loved ones struggling to know what you would have wanted—or have your assets go to those you would not have chosen? So—while you are young—you are never too young to speak to an experienced estate planning attorney from Gullotta Law Group. We ensure that estate planning for young adults is easy, and simple, leaving you and your loved ones fully protected no matter what the future brings.
What Changes When a Child Becomes an Adult in Relation to Estate Planning?
What Are Some Potential Life Situations to Consider When Estate Planning for 18-Year-Olds?
Despite being young, like most adults, your estate plan will look different depending on your specific life situation. If you are married and die without a will, California intestate laws will govern how much of your estate goes to your spouse. If you have children, you definitely want a will so you can appoint a guardian. While you hope it will never become necessary, by the same token, you probably have very definite ideas regarding who you would want to raise your children—and who you would not. Without a will, the state of California not only determines who will receive your assets but also who will raise your children.
If you are part of a family business—or you have started your own business—an estate plan is even more important. Who would you want your business interests to go to? Would you want your own business to continue or be sold? As you can see, your unique circumstances will determine what you need in your estate plan—as well as what you don’t. When you choose Gullotta Law Group, not only will we guide you through the estate planning process in the easiest manner possible, but we will also help you ensure your estate plan remains current as your life changes by reviewing it with you periodically. Marriage, children, divorce, an increase or decrease in assets, obtaining a business, or selling a business—all of these things should be reflected in your estate plan as your life progresses.
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Eric and Ashley made our estate planning process easy, providing knowledge, comfort, and humor. They answered all our questions and put us at ease!- Lisa G.
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Eric and his team made the process effortless, providing clear information and ensuring my 91-year-old mother understood every detail. Very pleased with the service!- Joey G.
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Eric Gullotta and his team exceeded expectations, providing thorough, compassionate, and efficient support in revising trust documents. Highly recommended!- Beverly H.
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What Are the Recommended Documents When Estate Planning for 18-Year-Olds?
Below are some of the recommended estate planning documents you might need as a young adult.
Will
The creation of a will often prompts young people to consider what happens after they are married or have children as well as what they own and to whom they would want those assets to go. Many young adults have at least some level of money and assets—either as a result of their own work or from an inheritance left to them. A will allows them to consider how they would want those assets distributed. Further, many young adults are parents and can use a will to name a guardian for their young child or children. Perhaps equally important, having a will prepared can be a rite of passage into adulthood—a step that shows they are becoming responsible young adults.
Trust
Whether a young adult could benefit from having a trust as a part of his or her estate plan depends on the individual situation. If the young person will receive substantial assets at age 18 or 21, then a semi-revocable trust could be useful to ensure the funds are properly managed until age 25 or older when more emotional maturity has been gained. Other types of trusts could be a useful addition to a young adult’s estate plan; an experienced estate planning attorney from Gullotta Law Group can help make these important decisions.