It has been said no parent should outlive his or her children. Sadly, however, there are many who do when their children pass away. While this can be devastating no matter how old a child is, it can present a number of legal complications when a child is a young adult with assets and property that parents, generally, will need to deal with.
Unfortunately, many young people assume they are too young to address matters like what they want to happen with their assets in the event of death. However, if you are a young person with money, retirement accounts, investments, property or any other asset you wish to protect, it is never too early to consider your options for creating an estate plan.
Failure to do this can leave such decisions in the hands of parents or spouses, which can make a devastating situation even worse. In order to alleviate some of the complexities and frustrations associated with administering an estate without guidance, it can be wise to have an estate plan in place, particularly if there is something worth protecting.
For instance, recently 27-year-old actor Anton Yelchin passed away after he was run over by a vehicle. The unexpected death was indeed catastrophic, and reports note that he did not have a will. This means that his estate will likely be distributed by his parents, who have petitioned to be the administrators of the estate, which is estimated to be worth about $1.4 million.
While this may very well be what Yelchin or any other young adult in a similar situation would have specified in an estate plan, without a will, there is no way of knowing for sure.
In order to take some of the burden off loved ones, it can be wise for any person with family, assets or wishes they want to protect to consider the options of estate planning. With documents like a will in place, young people can provide critical guidance to family and friends, which can help them through an undoubtedly difficult time.