Why Every Young Professional Should Have an Estate Plan
By Grace Gelone
When you hear the words “estate planning,” your first thought might be that it’s reserved for older adults with significant assets or young families with children. But in reality, estate planning is just as important for young professionals—whether you’re launching your career, buying your first home, or navigating life as an independent adult.
Estate planning isn’t just about distributing your assets after death. It’s about ensuring your wishes are honored, your loved ones are spared unnecessary complications, and your financial and medical affairs are managed responsibly if you’re ever unable to handle them yourself. At a minimum, every young adult should have three essential documents in place: a Last Will and Testament, a Financial Power of Attorney, and a Healthcare Power of Attorney.
1. Last Will and Testament
Even if you don’t have a sprawling estate or major investments, a will ensures your belongings—personal possessions, digital assets, bank accounts, or even a pet—go to the people you choose. Without a will, state law determines who receives your assets, which may not reflect your wishes.
It’s important to note that any asset with a beneficiary designation—such as a retirement account—falls outside the scope of your will, as the designated beneficiary controls who receives that asset. When working with an estate planning attorney, be sure to review and confirm that your current beneficiary or transfer/payable-on-death designations align with your intentions.
A will can also be used to designate a guardian for any dependents or to leave a legacy through charitable giving. By executing a will, you not only control how your property is distributed—you also ensure that any dependents are cared for according to your wishes.
2. Financial Power of Attorney
This document allows you to appoint someone you trust to manage your finances if you become incapacitated due to illness or injury. Your appointed agent can essentially “step into your shoes,” handling tasks such as paying bills, accessing bank accounts, managing investments, or communicating with student loan services. Without this document, your loved ones may have to petition the court for permission to assist you—a process that can be time-consuming, stressful, and costly.
3. Healthcare Power of Attorney (and Living Will)
If you’re ever unable to make or communicate medical decisions, a Healthcare Power of Attorney allows a trusted person to step in on your behalf. This ensures someone who understands your values and preferences can advocate for your care. Often paired with a Healthcare Power of Attorney, a Living Will allows you to outline specific wishes regarding life-sustaining treatment and end-of-life care.
Estate planning isn’t for later—it’s for now.
Life moves fast—and so can the unexpected. Taking the time now to create an estate plan helps avoid complications down the road. It also offers your loved ones clarity, guidance, and peace of mind during difficult times.
Your estate plan should evolve as your life evolves—through career milestones, relationships, or parenthood. A good rule of thumb is to review and update your documents after any major life event, such as marriage, the birth of a child, divorce, or the death of a loved one.
Even if none of these changes have occurred yet, young professionals work hard to build their futures. Protecting that future with a thoughtful estate plan isn’t just responsible—it’s empowering.
Hamburg Rubin Mullin Maxwell & Lupin’s Estate Planning & Trust Administration team is here to guide you through the process. If you need assistance crafting a plan from scratch or wish to update existing documents, we’re here to help you take that important step. If you have questions about this article, you can email Grace Gelone, Esquire directly, call 215.661.0400, or connect with any one of our Estate and Trust Attorneys.