Most people think estate planning is something to worry about later in life, when they are older, when there is more money, when there are kids, when retirement is closer. But everyone over the age of 18 should have an estate plan.
At The Weeks Law Firm, we help individuals and families across Anne Arundel County and throughout Maryland put simple, solid estate plans in place. A will is just one piece of the puzzle. A complete plan also protects you while you are alive, not just after you pass.
At what age should you have an estate plan?
The short answer is that everyone should have an estate plan at age 18. Once you turn 18, you are a legal adult in Maryland. That means your parents no longer have automatic authority to make decisions for you, even in a medical emergency.
You do not need significant assets to benefit from an estate plan. You just need to be an adult who wants a say in what happens to your property and your medical care. A basic plan at 18 costs very little and takes only a short meeting to implement.
Here are common life events that should prompt you to start or update your estate plan:
- Turning 18 and heading off to college
- Getting your first job or opening your first bank account
- Getting married or entering a long-term partnership
- Having a child
- Buying a home
- Starting a business
- Any major change in health
Why would an 18-year-old need a will?
An 18-year-old often has few assets, so it is fair to ask why a will matters so early in life. The answer has less to do with how much property you have and more to do with control.
If you die without a will, Maryland’s intestacy laws decide who gets your belongings. The results may not match what you actually want. With a will, you can:
- Name who receives your personal belongings, savings, or a car
- Choose someone to handle final arrangements
- Avoid leaving decisions to the state’s default rules
There is also a bigger issue that has nothing to do with a will at all. If an 18-year-old is in an accident or becomes seriously ill, parents may not be legally allowed to speak with doctors or make medical decisions on their behalf. A young adult heading to college should have, at minimum, a healthcare power of attorney and a financial power of attorney (sometimes called a POA), so a parent or trusted person can step in if needed.
Why do people not have estate plans?
If estate planning is so important, why do so many adults put it off? Here are a few common reasons:
- They think they do not have enough assets to justify a plan
- They believe estate planning is only for older people
- They assume it is expensive or complicated
- They do not want to think about death or incapacity
- They simply have not gotten around to it
A short meeting now is far easier than a legal mess later. Families are often shocked to learn that without documents in place, they may need to go to court just to help a loved one who cannot help themselves.
What documents should be in an estate plan?
A solid Maryland estate plan usually includes a few key documents working together. At a minimum, most people should have:
- A last will and testament directs how your property is distributed and can name a guardian for minor children.
- A durable power of attorney lets you name a trusted individual to pay your bills and handle your property if you become incapacitated.
- An advance directive combines a healthcare power of attorney and a living will so that someone can make medical decisions and your wishes about treatment are known.
- Beneficiary designations on your financial accounts (banking, life insurance, retirement, etc.) transfer ownership of these accounts automatically at your death, avoiding probate.
A durable financial power of attorney deserves special attention. In Maryland, a POA is automatically considered durable unless the document says otherwise, meaning it stays in effect even after you become incapacitated. Without one, your family may need to petition a court for guardianship just to pay your bills or manage your accounts while you recover.
Should everyone have an estate plan?
Yes. Every adult in Maryland, regardless of age, income, or family situation, benefits from having at least a basic estate plan in place. A recent college graduate, a young couple, a small business owner, and a retiree all have different needs, but they all share one thing in common. Life is unpredictable, and a plan can give your family clarity, guidance, and authority to act on your behalf when it is most needed.
Estate planning is about more than what happens after you die
It is easy to think of estate planning as something that only matters after death. In reality, some of the most important documents in a plan protect you while you are still very much alive. Advance directives and durable powers of attorney take effect when you cannot act for yourself, whether that is a short recovery after surgery or a longer-term illness. These documents let a person you trust manage your finances and speak with your doctors without a judge getting involved. Planning for short- or long-term incapacity is just as important as planning for death.
Let The Weeks Law Firm help you get started
Estate planning does not have to be complicated or expensive. Whether you are 18 and heading off to college or you have been putting this task off for years, The Weeks Law Firm helps clients throughout Anne Arundel County and all of Maryland build estate plans that fit their lives. Schedule a free consultation today to talk through your options and take the first step toward protecting yourself and the people you love.
This article is for general informational purposes and is not legal advice. For guidance specific to your situation, consult a licensed Maryland estate planning attorney.
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