Moving away from home for the first time is a major step into adulthood. Whether you’re starting college, beginning a new job, or simply carving out a space of your own, there’s a lot to manage: housing, insurance, utilities, budgeting—and all while adjusting to a new environment.

While your family may offer advice on how to “adult,” there’s one critical topic they might skip: estate planning.

Why Young Adults Are Delaying Life Milestones

If you feel like you’re behind compared to older generations, you’re not alone. Fewer young adults today are financially independent, married, or living on their own compared to those in decades past.

• In 1980, 84% of 25-year-olds lived independently. In 2021, that number dropped to 68%, according to Pew Research.
• Census data shows the number of 25–34-year-olds living with their parents has nearly doubled since 1960.

It’s no wonder—today’s young adults have weathered a global pandemic, a historic labor market, and a housing crisis. But despite the challenges, there’s been a notable post-pandemic shift toward independent living, with the percentage of young adults living at home reaching a 10-year low in 2022.

If you’re part of this new wave of independence, now is the perfect time to make sure your legal and financial future is secure—starting with your estate plan.

What Is Estate Planning, and Why Should You Care?

You might think estate planning is for older adults with houses, families, and retirement accounts. But that’s a myth. Estate planning isn’t just about wealth. It’s about preparation and protection.

At its core, an estate plan is a set of legal documents that:

• Address who will manage your property and accounts if you become unable to do so.
• Name decision-makers for your medical care if you’re incapacitated.
• Express your preferences about end-of-life treatment.
• Dictate who receives your belongings if you pass away unexpectedly.

Even if you don’t own much, if you care who makes decisions for you—or what happens to your pets, possessions, or personal information—you need an estate plan.

What Happens Without an Estate Plan?

If something happens and you haven’t named legal decision-makers:

• The court will appoint someone to manage your finances or make medical decisions.
• Your loved ones may disagree about who should step in.
• A judge could give authority to someone you would not have chosen.

Having an estate plan keeps you in control, even when you’re not in a position to speak for yourself.

Tools to Include in a Young Adult’s Estate Plan

Here are the key legal documents you should consider:

1. Will

Your will outlines:

• Who receives your belongings after you pass away.
• Who will serve as guardian for minor children—or even a beloved pet.

Even if your assets are modest, a will ensures your wishes are respected.

2. Financial Power of Attorney

This document lets someone you trust handle your money matters, including:

• Paying your rent or bills
• Accessing bank accounts
• Filing taxes
• Managing a business (if you have one)

3. Medical Power of Attorney

Also called a health care proxy, this names someone to:

• Make medical decisions if you’re incapacitated
• Access your medical records
• Coordinate with your doctors

4. Living Will

A living will expresses your preferences for end-of-life care—such as life support, pain management, and other treatments—so your loved ones aren’t left guessing.

5. Revocable Living Trust (Optional)

For young adults with specific wishes or more complex financial situations (such as owning property or receiving an inheritance), a trust offers privacy and flexibility.

Did You Know?
One in four people in their 20s will become disabled before they retire. Estate planning isn’t just about death—it’s about preparing for the unexpected.

Who Should You Name as Your Decision-Makers?

Moving out may be your first big leap toward independence—but that doesn’t mean you have to do everything alone. You’ll need to name agents (also called attorneys-in-fact) for your powers of attorney and possibly a guardian for your will.

Consider:

• Location – Will they be close enough to act quickly in an emergency?
• Reliability – Are they responsible and level-headed under pressure?
• Willingness – Always ask before naming someone. Being an agent is a big responsibility.

Parents are a common choice, but a sibling, close friend, or professional (like a financial advisor) may also be a good fit. Be sure to name backup agents, too.

Add “Estate Plan” to Your Move-Out Checklist

There’s a lot to think about when you’re starting out on your own: rent, roommates, jobs, routines. But don’t overlook planning for the unexpected. It’s one of the most adult things you can do.

Taking the time to set up a basic estate plan now:

• Protects your voice in financial and health decisions
• Gives your family peace of mind
• Sets a strong foundation for future wealth and independence

Ready to Start?

It’s okay if you’re not sure where to begin. Meeting with an estate planning attorney is a great first step. They’ll walk you through the documents, explain your options, and help you put together a plan that fits your life today—and grows with you in the future.

At The Binder Firm, we help young adults and families across Missouri and Kansas create estate plans that protect what matters most. Whether you’re just moving out or buying your first home, we’re here to help you build a secure future.

📅 Schedule your estate planning consultation today—and take control of your next chapter.