Estate Planning for Young Adults
When you attain 18 years of age, you immediately become an adult in the eyes of the law, thus your parents lose the rights to make medical decisions and those regarding finances on your behalf. Your mind at this time is probably occupied by finding a good job, or getting admitted to your dream college. Nevertheless, estate planning is rarely one of those issues because, most young adults assume that, estate planning is meant for ageing adults with a huge amount of wealth. However, Estate Planning for Young Adults prepares you for the future financially, and gives you a chance to plan for unseen events that may leave your family and loved ones in a tough spot in case something bad happens to you.
Documents for Estate Planning for Young Adults
The Mattar Firm’s attorneys recommend the following estate planning documents for any young adult, whether single, married or in a committed relationship. They are part of planning for the future finances as well as uncertainties.
Durable Power of Attorney
- For Healthcare – a durable power of attorney for healthcare is a document allowing you grant your preferred person or agent the authority to make medical decisions on your behalf, according to specific guidelines. It also gives the agent power to access important medical records. Medical personnel are not restricted to following instructions or medical consent from anyone on your behalf if you did not organize for a durable power of attorney for healthcare. So then ask yourself what will happen in the event you are unable to speak for yourself.
- For Finances and property – a durable power of attorney for finances and property allows your preferred agent to access your financial records, bank accounts, manage your investments and loans when you are unable to. Without a power of attorney for this, your financial institutions and utility providers will prevent anyone who un-named on your accounts to access the funds or information. Meaning in case you cannot speak and act for yourself, no one will be able to help manage your assets and bills.
A Will
- Last will and testament – a will enables you give directions on who will inherit your wealth or where you want them to go when you pass away. Preparing a will gives your family and loved ones an easy time to mourn your demise rather than have the stress of distributing your assets and other finances. If you pass away without leaving a will, the state law determines the distribution of your assets.
- Living will – you can use this type of will to inform the people around you of your wishes regarding prolonging medical treatments when you can no longer speak for yourself. Here, you can decide on the kind of treatment you would like in case you fall terminally ill or become physically incapacitated. This type of will is only effective when you reach a complete vegetative state.
Authorization for Final Disposition
When a young person dies, it is usually a sad and stressful time for family and friends. The somber state may make it difficult for them to decide and make final funeral arrangements. Therefore, leaving instructions in written form concerning your funeral arrangements could extremely save your loved ones the stress of making tough decisions concerning whether you would have wished to be cremated or buried, and any other details of how you would love your final ceremony to be. Drafting an authorization for final disposition allows you leave a legacy you wished or planned for.
Summary
Several young adults think they are invulnerable; however, fact is that, no one is immune to accidents, serious injuries, terminal illnesses or even death. These tragic issues do not sample only elderly people; therefore, young adults should embrace estate planning as soon as they turn the legal adult age. Having the documents mentioned above does not mean you want to die, rather they help save situations when you are not able to. For more information on Estate Planning for Young Adults or other legal inquiries, contact the estate planning lawyers at The Mattar Firm and get first class services.