Young adults seem to be savvier than ever about their financial planning. Some are planning long- term and setting up IRA’s, fully aware that the social security safety net may not be there for them. But do they know the ins and outs of estate planning? Do they have a will, durable power of attorney and health care proxy established?
Have they recently married or become engaged? Facetime with an attorney could be a valuable gift, for example, explaining the laws of disposition of assets; digital assets; beneficiary designations; inherited assets; intestacy and how those laws can affect their loved ones and their future.
The session may well motivate them to consider what I call the “What Ifs…” of life. This is particularly important if their parents have a multigenerational estate plan.
For a young adult, Facetime with an attorney and Helping them acquire the legal knowledge and confidence to make informed long term decisions about their assets could be the ‘gift of a lifetime’.
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