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Young people and estate planning

On Behalf of | Nov 21, 2022 | ELDER LAW - Estate Planning

People under the age of 40 might not think much about estate planning, and people under 30 may think about the process even less. Still, many young people in Connecticut could benefit from crafting a valid estate plan. Anyone with any assets should consider what happens to them if they pass away suddenly. The succession of your assets under Connecticut’s intestate laws may not be exactly what you have in mind.

Estate planning considerations

A young person might not think of their car, personal belongings or the funds in a 401(k) or crypto account as assets, but they are. Young people might not think about their mortality, either. Yet anyone could pass away at any age, so crafting a will helps guide where some assets go.

Some young people might have substantial assets. Individuals with high net worths may wish to prioritize writing a will.

Writing a generic will with generic commentary stating to leave all assets to one person or split them 25% between four people might be appropriate for some testators. Still, others may wish to write a more detailed will. An asset audit could help the process.

Younger people might not realize how expansive their estate is. A thorough audit of all assets might be a critical step when engaged in estate planning and could lead to making better decisions. The examination may leave the testator deciding to give something to charity. Sometimes, the testator might devise a trust instead of writing a will.

Other estate planning steps

Estate planning in Connecticut only sometimes focuses exclusively on writing a will or addressing personal or business assets. Some planners, even young ones, could review options for advance medical directives or assigning power of attorney. Looking into ways to transfer assets outside of probate could be worthwhile.

Young people should look into estate planning. Writing a detailed estate plan could have more benefits than a younger person realizes.