Estate plans are not just for old, rich people, says Ric Edelman, the founder of Edelman Financial Group in Fairfax, Va.

Instead, everyone 18 years and older should have one.

“It’s not about money; it is about the administrative aspects of a life,” Edelman says. That includes the administration of young people’s personal items—things they are likely to have strong sentimental attachments to.

It also means administering young people’s virtual lives, he says.

“Millennials and Generation X lead their lives online.”

That means a parent or another person needs to know how to preserve the pictures that are posted on social media accounts and any writing the person may have done. For that, estate planners need to know not only passwords but the answers to security questions.

Social media accounts can be saved by arranging ahead of time, Edelman says.

“If the young adult feels uncomfortable revealing information to a parent, the information can be given to the attorney who does the estate planning with the condition it be opened upon death,” he adds.

“Even at 18, you have charities you might want your assets to go to or heirlooms you have received that you want to go to certain family members,” he says.

A medical directive and medical power of attorney are particularly important for a young person. Through these legal vehicles, a young person can explain whether he or she wants to be kept on life support and what arrangements should be made for internment.

“The family is already going through a horrific time; do you want them saddled with deciding whether there should be cremation or a burial? What if the parents disagree or a sibling disagrees?” he asks.

“If a young person is disabled and unable to take care of affairs, someone needs to make sure money is in the bank so that bills get paid,” Edelman warns. Someone also has to be designated as durable power of attorney so that rent, car payments and other bills are paid.

Most families do not think of this type of planning when sending their kids off to college, but they should.

“It’s a matter of protecting assets, preserving heirlooms, managing accounts while the person is alive but disabled, and making sure the person’s wishes are honored if there is a death,” Edelman says.