Why Young Adults Need an Estate Plan (Even If You Think You Don’t)

When most people hear the term estate planning, they picture retirees, their parents, or individuals with significant wealth. But the truth is that estate planning isn’t just for your parents, grandparents, or the wealthy; it’s important for young adults, too. Whether you're just starting your career, beginning a family, traveling frequently, managing digital accounts, or building savings, having a plan protects you, your loved ones, and your assets.

If something unexpected happens to you, who would you want to manage your accounts? What medical treatment would you opt for? Who do you want to receive your assets? Without a plan, your loved ones would be left guessing about your wishes.

Without instructions, the state decides, often through a lengthy and expensive legal process. A clear estate plan eliminates uncertainty and prevents emotional stress during an already challenging time.

Here’s why every young adult should consider building an estate plan sooner rather than later.

Protecting Children and Pets

For young adults who are parents or who treat their pets like family, an estate plan is vitally important. By looking to the future, your plan gives you the security of knowing that you were able to:

• Choose a guardian for your children, ensuring they’re cared for by someone you chose and trust rather than leaving the decision to the court.

• Provide instructions for pet care, including who will take them, how they should be cared for, and even set aside funds for their ongoing needs.

• Prevent family disputes since guardianship and pet arrangements can be emotionally charged without clear direction.

This single step can bring tremendous peace of mind knowing your dependents, whether they are human or fur-babies, will be cared for and supported the way you would want.

Your Digital Life Needs Protection

Think of everything you manage online: bank apps, social media accounts, online subscriptions, cloud storage, and even cryptocurrency. Without instructions, your family could struggle to access or close accounts if something unexpected happens. An estate plan lets you specify:

• How your digital assets should be handled

• Who has the right to access them

• What should be deleted, memorialized, or transferred

A documented digital estate plan is a modern solution for a modern problem.

You Decide Who Makes Medical and Financial Decisions

One of the most important parts of an estate plan is naming someone you trust to act on your behalf if you’re unable. A Healthcare Surrogate makes medical decisions if you're incapacitated, and a Durable Power of Attorney can handle financial and legal matters temporarily. Without these documents, your family could face delays, legal battles, or confusion during a crisis.  

It’s important to choose a healthcare surrogate and power of attorney who will make decisions the same way you would, so choose someone who understands your values, honors your wishes, and keeps your best interests at the center of every medical or financial choice. Naming reliable backups for each role ensures that if your first choice is unable or unwilling to serve, there is a clear, trusted person ready to step in without delays or confusion. This added layer of protection helps keep your affairs running smoothly, no matter what happens.

Estate Planning Isn’t Just About Money

Even if you don’t own a house or have a large investment account, you still have assets such as your car, savings, retirement funds (401K, IRA), life insurance through your employer, and personal belongings that carry sentimental value.

An estate plan helps make sure the right people receive what matters to you.

It’s Surprisingly Simple and Affordable

Many young adults believe estate planning is complicated or expensive, but today it’s simpler than ever with access to affordable online platforms, basic legal templates, attorney bundles, and employer-offered legal benefits.

It Builds Good Financial Habits Early

Estate planning naturally encourages you to review your beneficiary designations, organize your important documents, understand your finances, and plan for long-term goals. Starting now, when you are young, sets the foundation for smart financial management as your life and responsibilities grow.

Estate planning isn’t about anticipating the worst; it’s about preparing for the unexpected.

The Trust Team at Crews Bank & Trust can help identify gaps in your personalized estate plan to ensure you have the best plan for you and your current situation, and they will periodically review it with you to ensure it evolves as your life changes.

Whether you're 18 or 35, unmarried or starting a family, just beginning your career or building wealth, an estate plan ensures your voice is heard when it matters most.