Estate Planning for Young Adults

• Sabrina
  Kuckertz

  Sabrina
  Kuckertz

  view bio

As a young lawyer passionate about Wills and Estates, a comment I often hear from friends and acquaintances is that estate planning is reserved for the elderly, or perhaps for married couples, or those with children, real estate, or other significant assets.

While I agree that people who fall into these categories should complete or update their Wills and other estate documents, estate planning is something everyone, regardless of age or assets, should consider.

Why Estate Planning Matters for Everyone

Event if a young adult might not have significant assets yet (and perhaps even a large amount of debt), it is still wise to make a plan for what you do have.

For example:

• Household possessions: Deciding who will inherit sentimental or practical items.
• Bank accounts: Providing clarity about registered or personal accounts.
• Pets: Ensuring your furry friends are cared for according to your wishes.
• Digital assets: From social media accounts to online subscriptions and cryptocurrency, these assets can easily become inaccessible without clear instructions in a Will.

If you die without a Will, your estate is distributed according to Alberta’s intestacy laws, which may not be aligned with your intentions for your possessions. Having a Will provides guidance and clarity to your loved ones and might prevent conflict among them as they balance their grief and managing your estate.

Estate Planning Goes Beyond a Will

Estate planning isn’t just about deciding what happens after you pass away; it’s also about preparing for unexpected situations during your lifetime.  

Everyone, including young adults, should have these essential documents:

1. Enduring Power of Attorney (EPA): This document allows someone you trust to make financial decisions on your behalf. This might include paying your bills, managing your bank accounts, or handling your investments.
2. Personal Directive (PD): A PD allows someone you trust to make medical and health-care related decisions for you while you’re incapacitated, including what medical procedures may be done to you.

Without these documents, it can be difficult for your loved ones to gain access to financial institutions or to know what your medical and health-care wishes are.

Estate Planning is Flexible

It’s important to remember that estate documents can be updated as your life evolves, provided you have the capacity to do so. In fact, I recommend reflecting on your estate documents whenever you experience a major life milestone, such as:

• Living with a partner for 3+ years
• Getting married
• Having a child
• Purchasing property

If you or someone you know has any questions related to Wills or needs to begin their estate planning, please reach out to our Wills and Estates Team and we would be happy to assist.

_{This post is meant to provide information only and is not intended to provide legal advice. Although every effort has been made to provide current and accurate information, changes to the law may cause the information in this post to be outdated.}