“Estate planning is for everyone!” Maybe we should hire one of those cool sign spinners to stand outside our office to let the people know that estate planning is for everyone… well, almost everyone.
If you’re under 18, you can’t legally have your own estate plan but can certainly be named in someone else’s estate. However, once you turn 18, there are estate planning considerations that should be made – for yourself and your family.
Power of Attorney Forms
First and foremost, parents no longer have access to the medical or financial records of a child once the child turns 18. This might seem like a big moment of freedom for an 18-year-old, but it also creates risk in an emergency. If someone is still dependent on their parents at that age or wants them to be involved in certain medical and financial decisions then Power of Attorney forms will be necessary.
If you were to turn 18 and then get into an accident, your parents would not have the necessary access to find out what hospital you are in, what injuries you have suffered, or what care you are receiving at that time.
Power of Attorney forms allow parents to access these records and make decisions on their child’s behalf when necessary. If you sign these forms, you don’t lose any control over your own decisions as you will dictate how and when the power can be executed.
Advance Directive
This brings us to another medical event that must be planned for. A Directive to Physicians, also known as a Living Will, informs your family and loved ones of your wishes and desires should you ever need to be placed on life support. It is designed to help you communicate your wishes about your future medical treatment if you are unable to make your wishes known and directs the physician to either withhold or continue life sustaining procedures. A directive can be paramount to receiving the care you want and alleviates feuds that may arise between your family concerning whether or not to continue or when to remove life-sustaining treatment.
Crafting a Will
While most 18-year-olds may not need an entire estate plan, a will can be a great place to start. Wills are a simple document that establishes a plan for any money and assets you have today – so if you don’t have a lot to manage that’s completely okay!
At Dawn King Law Group, we work with clients of all ages. Our goal when working with young adults and their parents is to make sure the beginning stages of a plan are present and financial/medical care is accounted for. Contact us and get these planning considerations taken care of today.