Am I too young to need an estate plan?
Many young adults assume they are too young to need an estate plan. After all, young adults may still be enrolled in college or just embarking on their career path. They may have few, if any, significant assets. Even still, there are certain estate planning strategies that should apply to all young people, regardless of their income or assets. Every adult aged 18 or older should create an estate plan, which includes establishing a medical and financial power of attorney.
Medical Power of Attorney
Before you turn 18, your parents or guardians have the power to make medical decisions on your behalf. Becoming an adult in the eyes of the law, however, will terminate those parental rights. In the case of a medical emergency that incapacitates a young adult, his or her parents may be unable to access medical records and make important decisions without a medical power of attorney.
A power of attorney (POA) for health care allows you to appoint an individual who will be able to make medical decisions for you in the event you are seriously injured or ill and unable to do so yourself. While it is easy to think that nothing will ever happen to you, it is far better to be prepared. The recent death of Anton Yelchin, actor in the latest Star Trek movie, at the young age of 27 illustrates this point. Yelchin died without a will, and his parents had to file in court to become the administrators of his estate.
Financial Power of Attorney
Along with adopting a medical power of attorney, young adults should draft a financial power of attorney. A financial POA will determine who can access your financial assets, including bank and retirement accounts if you become incapacitated. By consulting with an attorney to prepare these two important documents, a medical and financial POA, you can protect yourself in the unfortunate event you ever become incapacitated.
The LegalJourney Law Firm PLLC is dedicated to guiding you through each step of life. We assist in estate planning for individuals of all ages. Contact our Tampa Bay area estate planning attorney at (813) 517-1525 to schedule your consultation.