You may have recently seen the meme about New Years Eve 2017, which says, “New Years Eve (2017) will be the only day when every adult was born in the 1900s, and every minor was born in the 2000s.” Interesting, right? And pretty easy distinction, too. If your birth year begins with “19,” you’re at least 18 years old and, therefore, an adult. If you were born in the 2000’s, you’re a minor. Done. The moment we switch over to 2018, all those January 1, 2000 babies turn 18 and the waters get muddy again. But for one brief day, all is clear.
Obviously, there are some exceptions to this, especially in regards to what constitutes an “adult.” Legally emancipated seventeen year olds are pretty much adults, right? And we’ve all heard of juveniles who commit crimes and are tried as adults. On the flip side, there are individuals over 18 who suffer an incapacitation and require care and assistance. They may be fully mature but lack the independence, self-sufficiency and responsibility we typically associate with adulthood. There are even a handful of 18 year-olds who aren’t fully mature yet, if you can believe that. Probably a few 40 year-olds of whom we could say the same thing. Perhaps age and “adulthood” aren’t so directly correlated.
When planning an estate, this is an important consideration. Are your children mature enough at 18 to receive their entire inheritance? How about 30? Would you rather they inherit some now while the rest is held in trust? Every family situation is unique, so every estate plan should be customized to fit these unique considerations. Talk through some of these things with your estate planner to make sure your will is the best fit for you and your loved ones.
Asurest is happy to discuss your unique needs and provide a customized plan to protect your family. Call today to set up an appointment.
Disclaimer: This material is intended for general information purposes only and does not constitute legal advice. Responses to inquiries, whether by email, telephone, or other means, do not constitute legal advice, nor do they create or imply the existence of an attorney-client relationship.