Eido Walny, founder of Walny Legal Group, and Mary Youssi, an attorney at the firm, appeared on WTMJ 620 to discuss the critical importance of estate planning for college-age young adults—a topic most parents and young adults completely overlook.
The Estate Planning Gap for Young Adults
Walny emphasized that only about 18% of the population has any legal planning for their future, and for young adults heading to college, the number is “almost zero.” People commonly view estate planning as something for older individuals or those with substantial wealth, missing the reality that it applies to everyone—regardless of age or assets.
The core misconception is that nothing bad will happen. Young people naturally assume they won’t face emergencies, and parents don’t think to address it when their child turns 18. Yet life happens unpredictably—accidents, medical emergencies, study abroad situations, or banking complications can arise at any moment.
Why This Matters at 18
Once a child turns 18, the legal relationship changes fundamentally. Parents assume that because they’ve been the “hotel, laundromat, and bank” throughout their child’s life, they retain certain rights. They don’t. At 18, young adults become legal adults with full autonomy, and parents lose access to medical information, financial accounts, and decision-making authority without proper documentation.
The Real-World Impact
Without proper planning, scenarios become costly and stressful. Universities refuse to provide information about a student’s status or wellbeing. Banks won’t discuss accounts or transactions. Medical situations require court intervention to establish guardianship—a delayed, expensive process that can take weeks or months during a crisis.
Even non-emergency situations create problems. A young adult studying abroad who encounters a banking issue finds parents unable to help. A medical decision needs to be made immediately, but parents have no legal standing to participate.
Awareness Spreads Through Parents
Interestingly, awareness grows when parents update their own estate plans. In conversations about their own planning, they realize their 18-year-old should have similar protections. Once they understand the importance and see what could go wrong, they recommend it to their children. Walny hopes young adults will then tell their peers, “I did this. It wasn’t a big deal. You should do it too.”
Technology Makes It Accessible
The legal industry has transformed significantly. Walny noted celebrating 25 years in practice and remembering when he didn’t have a cell phone. Now, consultations happen via Zoom, documents are reviewed electronically, and signing meetings take 15 to 30 minutes. This accessibility is particularly important for younger clients who have grown up with digital tools and expect flexibility.
For families spread across the country or globe, online consultations eliminate the need to visit an office downtown. Parents and young adults can engage with attorneys during evenings and weekends—times that were previously impossible.
The Process Is Simple
Youssi emphasized that the process is straightforward. Initial conversations can happen on Zoom, discussing what the young adult wants and explaining why these protections matter. Documents are drafted and reviewed electronically. When ready, the young adult comes in for a brief signing meeting.
Preparation and Timing
Preparation can begin when a child approaches 18, but documents cannot be signed until after they turn 18 and have legal autonomy. Walny noted signing his own son’s documents the day after his 18th birthday. For special needs planning, preparation may begin earlier, as certain guardianship processes can start at 17 years and nine months.
The Broader Conversation
Walny stressed that the firm’s approach is educational rather than transactional. The goal is to empower young adults and their parents through knowledge and preparation. Getting started is simple—a phone call or email to discuss the situation and next steps.
The fundamental message: estate planning isn’t a luxury or something to delay. It’s a practical safeguard that protects young adults and their families from unnecessary stress, cost, and legal complications during vulnerable moments.
Full episode available at:
WTMJ 620 – Walny Legal Group Discussion on Young Adult Estate Planning