Who this is for: Young adults in Missouri who think estate planning does not apply to them yet. What it covers: Five common estate planning myths that leave young Missourians unprotected, and what to do instead. Why it matters: Without a plan, Missouri courts control who manages your affairs and medical decisions. Even young adults with few assets need a will, power of attorney, and healthcare directive. Patrick Nolan is an estate planning attorney at Nolan Law Firm in Kirksville, Missouri.
The False Beliefs That Leave People Unprepared
I have heard it at kitchen tables and across plastic waiting room chairs: young adults in Missouri telling themselves estate planning only matters for the rich, the old, or those settled with families. They say, I do not own anything, so why plan? That idea is common. It delays people from handling paperwork and conversations that matter most when life turns. The guts of estate planning, naming who decides for you, protecting your basic property, giving guidance, protect anyone at any age. Failing to set something up early can leave those closest to you scrambling if there is a wreck or a bad night in the ER.
Most people do not know what estate planning really covers. It is not just about handing out money. It is about clear instructions for the storm no one sees coming. Missouri has its own rules. Even if your net worth looks like a sad number, planning now means less mess if things go wrong.
Busting the Myths That Hold Young Adults Back
Myth 1: I Do Not Have Enough for a Will or Trust
Some say, I rent. I owe more than I have. No reason for a will. That misses the point. Most young adults, even broke ones, still have something: a checking account, keepsakes, a used car, passwords for photos and social media. If you die, Missouri law (not you) decides where it all goes. A basic will lets you appoint someone you trust to wrap up your affairs and keeps loved ones from slogging through a long, expensive probate court mess. People also forget beneficiary designations on retirement accounts, insurance policies, and bank accounts. If you do nothing, these default in ways you probably would not pick.
Myth 2: Only for Parents, Married Couples, or People with Dependents
No spouse or kids? Does not get you off the hook. Die without a will, and Missouri’s chart sends your property up a family tree: parents, then siblings, then out to the fringes. Friends, partners, or charities you cared about get left out. More critical is what happens if you are alive but cannot speak up. Powers of attorney and healthcare directives pick who decides for you about money or medical treatment. Without them, families often have to go to court to get legal standing for what you would have wanted.
Myth 3: I Am Too Young to Worry About Incapacity or End-of-Life
You can be healthy at breakfast and on a ventilator by dinnertime. Accidents do not care about youth. In Missouri, having durable powers of attorney for finances and healthcare lets you choose who decides for you. Otherwise, a judge may hand control to an estranged cousin or a third party who does not know you at all. Turn 18 in Missouri, and your parents cannot call the hospital to check on you or do your banking if you are laid up. HIPAA and privacy laws make a wall. A few sheets of paper patch it.
Myth 4: Estate Planning Is Complicated and Costs a Fortune
Most young adults do not need expensive trusts made for millionaires. Missouri supports streamlined, affordable documents if you know which ones matter. Many attorneys offer sensible packages for young people. Downloadable templates are risky: Missouri’s signature rules and witness requirements under RSMo 474.320 are strict. Get one thing wrong, and your plan vanishes when it is needed most.
Myth 5: If I Die, My Student Loans Fall on My Family
Federal loans die with you. But private loans are different. Some carry claims against cosigners or estates. Your parents could get calls if the paperwork was not clear, especially with smaller lenders that file probate claims. Know your debt, what rules apply, how it plays out if you are gone. Spell it out for whoever is handling your estate to save grieving family from nasty surprises.
Steps Young Missourians Should Take Right Now
Start with Key Documents
No matter your age or net worth, every Missourian should have these on file:
- Last Will and Testament: States who gets what and who is in charge.
- Durable Power of Attorney for Finances: Lets someone pay your bills and handle accounts if you cannot.
- Durable Power of Attorney for Health Care: Names who will make medical decisions and carry out your wishes.
- Living Will (Advance Directive): Lays out what you want at the end of life, especially regarding life support.
- HIPAA Authorization: Grants access to medical records for those you trust in an emergency.
Do not skip beneficiary designations. Bank forms, retirement paperwork, and life insurance need names filled in. Missouri’s pay-on-death and transfer-on-death options keep more out of court and in the right hands.
Do Not Ignore Your Digital World
A lot of value today sits on a phone or laptop: crypto, email, photo archives. Missouri lets you name a digital executor and attach access instructions to your will. Without one, accounts can get locked up for good, and important memories may vanish.
Update Regularly
Early adulthood is chaos: new bank accounts, new cities, new people in your circle. Your plan from five years ago may be outdated already. Missouri law can change too. Check in with your attorney whenever your life takes a turn.
What You Gain When You Plan Ahead
A few basic documents, done early, clear the road for everyone you care about. You get a say in what matters. You spare your family from red tape, confusion, and maybe from each other’s tempers. It is not hard, not expensive, and every step moves you from guesswork to certainty. Myths hold people back until life’s worst moments force action. Brush them aside. Do the work up front.
Frequently Asked Questions
Do young adults in Missouri need an estate plan?
Yes. Estate planning is not just for the wealthy or elderly. Every Missouri adult needs at minimum a will, durable power of attorney (financial and healthcare), and advance directive. Without these, Missouri courts decide who manages your affairs and medical decisions using intestate succession rules under RSMo Chapter 474.
What happens if a young Missourian dies without a will?
Dying without a will in Missouri means your estate passes under RSMo Chapter 474 intestate succession. Assets go to legal heirs in a statutory order: first to a spouse, then children, then other relatives. Friends, partners, and chosen family receive nothing. The court appoints an administrator and the estate goes through public probate.
Are federal student loans forgiven at death in Missouri?
Federal student loans are discharged upon the borrower’s death and do not pass to the estate or family members. Private student loans are different. Some private lenders pursue cosigners or file claims against the estate. Missouri families should review private loan terms to understand whether a cosigner remains liable after the borrower’s death.
Can parents access their 18-year-old’s medical records in Missouri?
No, not without signed documents. HIPAA privacy law bars medical providers from sharing records with parents once a patient turns 18. Parents need a signed HIPAA authorization and a healthcare power of attorney to access records or make medical decisions. Without these documents, hospitals cannot provide updates even in a life-threatening emergency.
What is a digital estate plan in Missouri?
A digital estate plan documents your online accounts, passwords, cryptocurrency holdings, and instructions for digital assets after death. Missouri law allows you to name a digital executor and attach an access memo to your will. Without one, digital accounts may be permanently locked and valuable assets or irreplaceable data can be lost entirely.
Is estate planning expensive in Missouri?
Basic estate planning in Missouri, a will, durable power of attorney, and healthcare directive, is typically affordable. Many estate planning attorneys offer flat-fee packages for straightforward plans. The cost is far less than the cost of probate, guardianship proceedings, or family disputes that result from having no plan. Generic online templates carry risk because Missouri has specific signature and witness requirements under RSMo 474.320.
