{"id":9406,"date":"2022-02-15T21:14:05","date_gmt":"2022-02-15T21:14:05","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=9406"},"modified":"2023-07-14T19:23:53","modified_gmt":"2023-07-14T19:23:53","slug":"estate-planning-for-high-school-seniors","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-for-high-school-seniors\/","title":{"rendered":"Estate Planning for High School Seniors"},"content":{"rendered":"<p>Turning eighteen and graduating high school can feel like a significant accomplishment \u2014 and it is! A lot of graduates are going off to college or contemplating about what the next steps in their lives are going to be. It\u2019s a time filled with promise, excitement, and possibly a bit of anxiety also. You are on your own and in control of your choices, your education \u2014 and your financial decisions. Whereas it might feel a little too soon to start thinking about things such as wills and trusts, there are excellent reasons not to discredit proactive estate planning being a young adult. In fact, adults between eighteen and thirty-four are now more likely to have a will than middle-aged Americans.<\/p>\n<p>You don\u2019t have to be older or have a bunch of money to think about estate planning. Simply put, it\u2019s just about choosing what you want to happen with your assets following your passing away, and guaranteeing you\u2019re not leaving your family members and friends \u2014 or a judge \u2014 with the weight of deciding what they think you would have wished for. For useful advice and guidance on what your estate plan should look like consult a lawyer today.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-for-high-school-seniors\/#At_What_Age_Should_Someone_Think_About_Having_an_Estate_Plan\" >At What Age Should Someone Think About Having an Estate Plan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-for-high-school-seniors\/#Why_Young_Adults_Should_Have_Estate_Plan\" >Why Young Adults Should Have Estate Plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-for-high-school-seniors\/#Important_Aspects_of_a_Young_Adults_Estate_Plan\" >Important Aspects of a Young Adult\u2019s Estate Plan<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-for-high-school-seniors\/#Source\" >Source:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-for-high-school-seniors\/#Arizona_Family_Law\" >Arizona Family Law<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"At_What_Age_Should_Someone_Think_About_Having_an_Estate_Plan\"><\/span>At What Age Should Someone Think About Having an Estate Plan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Individuals as young as eighteen can devise an estate plan because now, in the eyes of the law, they are thought of as adults and their parents aren\u2019t going to make decisions concerning their healthcare and finances. Obviously, by the time you\u2019re in your twenties and thirties, you should have a current plan in place.<\/p>\n<p>Moving out of your parents\u2019 house, getting married, purchasing property, or having children are all significant reasons you need some type of estate plan to distribute your assets and designate the individuals that are going to make decisions for you. The great thing about beginning so early is that it\u2019s typically a fairly simple process since most young adults don\u2019t have many assets. This provides a great opportunity to put a plan in place that you are able add to and alter as your life becomes more involved.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Young_Adults_Should_Have_Estate_Plan\"><\/span>Why Young Adults Should Have Estate Plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are a multitude of reasons a young adult might want to consider devising an estate plan:<\/p>\n<ul>\n<li>When you live with (or own a home with) a partner but are not married, you can guarantee your assets will go to them.<\/li>\n<li>You can grant POA to an individual you trust if you pass away or become unable to communicate.<\/li>\n<li>You might have more assets than you perceive (a vehicle, jewelry, or family inherences).<\/li>\n<li>If you have a child, you should absolutely begin planning to guarantee that they\u2019re financially taken care of and so you can designate their future guardian. If you don\u2019t write out your wishes in official documentation, it will be up to the court to decide who is going to get guardianship and they might not have the same morals or parenting manner as you. (You can also do this for your pets)<\/li>\n<li>If you do have a considerable amount of assets, setting them up as a portion of a living trust is able save your family members and beneficiaries the trouble (and expense) of going through probate.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Important_Aspects_of_a_Young_Adults_Estate_Plan\"><\/span>Important Aspects of a Young Adult\u2019s Estate Plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Will:<\/strong> A standard will is the cornerstone of any estate plan, but it doesn&#8217;t do all you require it to and wills have to undergo probate anyway.<\/li>\n<li><strong>Living Will\/ Advanced Health Care Directive:<\/strong> This documentation can guarantee an individual you know and trust is going to make medical decisions for you if you become unable to do so on your own.<\/li>\n<li><strong>Living Trust:<\/strong> A living trust functions in the same way as a will, but it bypasses the drawn out probate process by the transference of ownership of your assets inside a trust so they will not have to go through the court system.<\/li>\n<li><strong>Life Insurance:<\/strong> A straightforward life insurance plan (which is unbelievably inexpensive for young adults) can assist in paying off debts like vehicle loans and\/or private student loans.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Source\"><\/span>Source:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ol>\n<li>\n<p style=\"margin-left: 28.35pt; text-indent: -28.35pt;\">Peters, A. F. (2021, October 5). <a href=\"https:\/\/www.estatepreservationgroup.com\/blog\/estate-planning-young-adults\/\">Estate planning for Young Adults.<\/a> Estate Preservation Group. Retrieved February 14, 2022, from https:\/\/www.estatepreservationgroup.com\/blog\/estate-planning-young-adults\/<\/p>\n<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Arizona_Family_Law\"><\/span>Arizona Family Law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><iframe loading=\"lazy\" style=\"border: 0;\" src=\"https:\/\/www.google.com\/maps\/embed?pb=!1m14!1m8!1m3!1d13295.289322404855!2d-111.972881!3d33.583962!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x0%3A0xa02db9a3ce093e9d!2sOgborne%20Law%20PLC!5e0!3m2!1sen!2sus!4v1575490314048!5m2!1sen!2sus\" width=\"100%\" height=\"150\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>There\u2019s nothing better than the peace of mind you will\u00a0have knowing you\u2019ve protected your family at a time when they need it most. Let us help. <a href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/\">Schedule a consultation<\/a> or <a href=\"https:\/\/ogbornelaw.com\/contact\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/contact\/\">contact<\/a> Ogborne Law, PLC of Arizona today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Turning eighteen and graduating high school can feel like a significant accomplishment \u2014 and it is! A lot of graduates are going off to college or contemplating about what the next steps in their lives are going to be. It\u2019s a time filled with promise, excitement, and possibly a bit of anxiety also. You are&hellip;<\/p>\n","protected":false},"author":3,"featured_media":10565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,247,226,224,165],"tags":[],"class_list":["post-9406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-health-care-directive","category-living-trust","category-living-will","category-will","category-37","category-247","category-226","category-224","category-165","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Estate Planning for High School Seniors - Ogborne Law<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Estate Planning for High School Seniors - Ogborne Law\" \/>\n<meta property=\"og:description\" content=\"Turning eighteen and graduating high school can feel like a significant accomplishment \u2014 and it is! 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