• Skip to primary navigation
  • Skip to main content

Duffy Law Office, PLLC

Helping Families Preserve Their Wealth

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning For Niches
    • Trust Administration
  • Resources
    • Client Resources
    • Consumer Resources
    • Published Books
  • BLOG
  • Contact Us
  • (563) 445-7400
  • Show Search
Hide Search

I’M 24 AND I’M READY FOR MY FIRST ESTATE PLAN

Dennis D. Duffy · Jun 3, 2011 ·

You are wise to know that you need an estate plan even though you are only 24 and likely have a long life to live. Everyone, age 18 or older, needs an estate plan. And, you are ahead of the pack because half of the people in the United States dont have an estate plan in place.

Having no legal documentation of your estate planning wishes can wreak havoc during your lifetime if you become incapacitated and after death.

If you are not yet married and have no children, it is likely that your estate plan will be quite simple. However, if you are a tech wizard, belonging in Silicon Valley, you likely need a more advanced plan because of your asset base.

For most 24 year olds, a simple will, health care power of attorney, financial power of attorney, living will, HIPAA release, and organ donation form will be a great estate plan.

It is important to remember to update your estate plan if you experience significant changes such as you get married, have or adopt a child, or move to a new state. Otherwise, you can check in with your estate planning attorney every three to five years to review your estate plan and determine whether updating is necessary.

When you get married and have children, more complex planning is prudent. For example, the center of your estate plan will then be a revocable living trust which has many benefits, including asset protected trusts for your beneficiaries.

For those with children, a will, naming guardians, and a child care power of attorney, naming guardians, is necessary. In addition, most parents want to authorize first responders to stay with their children until guardians arrive. This keeps your children from being taken into protective custody, commonly known as foster care. These documents are an important part of an estate plan for parents of young children.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

You Can Also Find Us Online: Facebook | Twitter | LinkedIn

  • Author
  • Recent Posts
Dennis D. Duffy
Latest posts by Dennis D. Duffy (see all)
  • Attorneys Want to Help - December 14, 2016
  • Trusts and the Estate Tax - December 14, 2016
  • What Is a Third Party Special Needs Trust? - December 14, 2016

Estate Planning, Parents with Young Children, Trusts, Wills Estate Planning

Blog Subscription

Where we are

Duffy Law Office, PLLC
1840 E 54th St
Davenport, IA 52807
United States (US)
Phone: (563) 445-7400

Opening hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM

Map

duffy_hmpg_map.png

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us