When people think of writing a will, they may assume that it is something they will do once they have a family of their own or are much older and have accumulated assets. However, there are good reasons that adults in California of any age, including young adults, should have a will. In short, it will make distribution of whatever assets they might have much simpler and efficient. It might never be too early to begin the process of estate planning, and wills are just one component of that.
The simplest estate plan for a young adult is one that includes a will that names an executor and states how to distribute the owner’s assets upon his or her passing. The plan might include instructions for a bank account, car or even personal belongings. If the young adult has any type of retirement account or life insurance, ensuring that the listed beneficiaries are up to date should be enough to distribute those assets.
A younger person’s estate plan can get more complex from there. It may be a good idea to consider who to name as a power of attorney and who will serve as a proxy for any needed health care choices. These may both be instrumental in ensuring the care of the estate owner while he or she is still living, if incapacitation means that person cannot make health or financial choices for him or herself.
Though it is not particularly pleasant for people of any age to consider the end of their life, it is an important matter nonetheless. The best idea may be to work with an estate planning attorney here in California. An attorney with extensive experience in creating wills and other parts of an estate plan can help people determine what is right for their personal situation.