“I’m too young for estate planning.” If you’ve ever thought this, you’re not alone. Most people in their 20s and 30s assume estate planning is for older folks with big houses and complicated finances.
But here’s the truth: estate planning isn’t about how much you have—it’s about protecting what matters to you. And in your 20s and 30s, you have more to protect than you might think.
Let me show you why now is actually the perfect time to get your estate plan in place—and how to do it without overcomplicating things.
Why Young Adults Need Estate Plans
Estate planning isn’t about dying—it’s about making decisions now so others don’t have to make them during a crisis. Here’s what can happen without a plan:
Medical Emergencies
If you’re in an accident and can’t speak for yourself, who makes medical decisions? Without documents in place, your parents might not have legal authority—even if you’re close. Your partner, if you’re not married, definitely doesn’t. Someone has to go to court to get that authority, and that takes time you might not have.
Financial Chaos
Who pays your bills if you’re incapacitated? Who handles your bank accounts? Without a financial power of attorney, your family might have to go through a lengthy court process just to access your accounts and keep your life running.
Your Stuff Goes Where State Law Says
Without a will, your state’s intestacy laws decide who gets your assets. That might mean everything goes to your parents—even if you wanted it to go to your partner, a sibling, or a charity. Your wishes don’t matter if they’re not documented.
Estate planning isn’t about how much you have—it’s about protecting what matters to you.
The Essential Documents for Your 20s and 30s
You don’t need a complicated plan. For most young adults, these four documents cover the essentials:
1. Healthcare Power of Attorney
This names someone to make medical decisions if you can’t. Choose someone who:
- You trust completely with your health
- Will advocate for what you want, not what they want
- Can handle high-stress medical situations
- Is accessible (lives nearby or can travel quickly)
This person doesn’t have to be a family member. It could be a close friend, your partner, or anyone you trust.
2. Living Will (Advance Directive)
This document states your wishes about end-of-life care. Do you want to be kept on life support? Under what conditions? What about organ donation?
These are hard questions, but answering them in advance takes an enormous burden off your loved ones during the worst possible time.
3. Financial Power of Attorney
This authorizes someone to handle your finances if you can’t—paying bills, managing accounts, filing taxes. Without it, even your spouse might need court approval to access joint accounts in some situations.
Choose someone financially responsible who you trust not to take advantage of the authority you’re giving them.
4. A Simple Will
Your will says where your stuff goes when you die. Even if you don’t have much, you probably have:
- Bank accounts
- A car
- Personal items with sentimental value
- Digital assets (social media, cryptocurrency, photos)
- Pets (yes, you can include pet care instructions)
A will also names an executor—the person who handles your estate. Without one, the court appoints someone, and that process takes time and money.
Life Events That Trigger Estate Planning
Certain milestones make estate planning especially important:
Getting Married
Marriage changes everything legally. Update your documents to include your spouse, review beneficiary designations, and consider whether you want assets to go to your spouse or be split between your spouse and other family members.
Having Children
This is non-negotiable. If you have kids, you need a will that names guardians. Who raises your children if something happens to you? Don’t leave that decision to a judge who’s never met your family.
Buying a Home
Real estate complicates things. How is the house titled? What happens to the mortgage if you die? Do you want your partner to be able to stay in the home? These questions need answers in your estate plan.
Starting a Business
If you own a business, estate planning protects it. Who runs the business if you’re incapacitated? Who inherits your ownership stake? What happens to employees and clients? A sudden absence without a plan can destroy what you’ve built.
If you have kids, you need a will that names guardians. Don’t leave that decision to a judge who’s never met your family.
Common Mistakes Young Adults Make
- Relying on online templates without review: Generic forms don’t account for your state’s laws or your specific situation. They’re better than nothing, but not by much.
- Forgetting beneficiary designations: Your 401(k), life insurance, and bank accounts can have beneficiaries that override your will. Keep these updated.
- Not telling anyone: Your documents are useless if no one can find them. Tell your designated agents where to find your documents.
- Setting it and forgetting it: Life changes. Review your estate plan whenever you hit a major milestone or at least every 3-5 years.
The Cost Excuse
I hear it all the time: “I can’t afford estate planning right now.”
But consider this: a basic estate plan for a young adult typically costs a few hundred dollars. Compare that to what your family faces without one—probate can cost thousands, court-appointed guardianship proceedings are expensive and time-consuming, and the emotional cost of making crisis decisions without guidance is immeasurable.
Estate planning is one of the most affordable forms of protection you can buy. The peace of mind alone is worth it.
Start Simple, Build Over Time
You don’t need a complex estate plan right now. Start with the basics:
- Get the four essential documents (healthcare POA, living will, financial POA, and a simple will)
- Review your beneficiary designations on all accounts
- Tell someone where your documents are stored
- Review and update after major life events
As your life gets more complex—more assets, kids, businesses—your estate plan can grow with you. But the foundation you build now makes everything easier later.
Ready to protect yourself and your loved ones? I help young adults in Utah, Arizona, and Texas create straightforward estate plans that actually fit their lives. Schedule a consultation and let’s get you covered.
