Most Buffalo residents probably think that estate planning is something only senior citizens needs to think about, or that it is only the domain of the very wealthy. The fact is, neither of those things is true.

First, "estate" may not mean what you might think it does. There is no monetary constraint to the concept of an estate. Even if you're fresh out of college and have a junker car and $200 in your savings account, you have an estate. All states have sort of a default plan for people who die intestate (which is to say, without a will), but this plan may not match up with your wishes. It would not be a bad idea to find out how New York handles estates of people who die intestate and then think about whether you are comfortable with that or whether you would like your own customized plan.

Second, there are some elements of estate planning that are beneficial no matter what your age. A lot of people, but maybe young people in particular because they have felt no need to actually look into the issue, assume that if something happens and they can no longer make their own medical or financial decisions that a parent, a spouse or significant other could just step in and take over.

While such a person might eventually be able to make decisions on your behalf, it would take a long and troublesome court proceeding to grant them those rights. If you draft a healthcare proxy or power of attorney now, though, it would spare them the trouble.

These are just a few of the things young people need to know about estate planning. A conversation with an attorney who practices estate planning could pinpoint more benefits that planning for the future could bestow.

Source: The Green Bay Press-Gazette, "Everyone needs estate planning," Dec. 27, 2011