With colleges and universities beginning this fall, young adults are preparing for a successful academic year. You plan for your tuition and housing for the next few years, but what about some legal essentials that you may not have considered- like the right age to get your own estate plan?
An estate plan doesn’t only cover properties, businesses, and assets, but it also covers your health. So, if you are of legal age and prioritize your health, there are certain legal documents you should prepare for yourself.
Essential Document 1: Healthcare Power of Attorney In Your Estate Plan
Legally, a parent or guardian can’t make medical decisions for their adult child without the appropriate documents. If you are struck by a sudden health crisis and lose the capacity to express your medical choices, you will need a healthcare directive to grant access to a trusted adult in your life to make these decisions on your behalf.
This is a vital document for everyone of legal age because the future is uncertain.
Essential Document 2: Power of Attorney for Finance
With power of attorney documents, you designate a trusted adult of your choice to have access to your financial accounts in case of incapacity. It’ll be up to you to decide what rights you will grant this agent. You may grant or restrict your agent rights to certain financial decisions, or even access to your grades and transcripts.
Most young adults may undervalue their need for an estate plan. But if you’re of legal age and on your way to independence, an estate plan will help pave the way for you, ensuring your health and your money.
So, here’s a simple tip to every young adult: Start preparing your estate plan documents now. You can always amend your documents as you grow in wealth and assets.
