Estate planning is just as important for young adults as it is for senior citizens. Once a child reaches eighteen, parents lose legal authority to make decisions or access information about their child without consent. If a medical emergency occurs, parents may have to go to court to gain access to their child’s medical information, treatment plan and finances if their young adult does not have an estate plan.
Whether starting college, a new career or a family, establishing an estate plan can safeguard your interests and make your healthcare wishes known.
What should a young adult’s estate plan include?
Estate plan documents are the same for everyone, regardless of their age. They are as follows:
- Last Will and Testament: Creating a will is an important part of estate planning since it specifies how property will be divided up after death. A will may not reveal as much for a single young adult as it does for a family with children and assets, but it can record a young adult’s desires and be updated as needed.
- A Living Will (Advanced Directives): A living will tells your loved ones and medical staff what your wishes are regarding the use of artificial life support if you are rendered unconscious due to an incurable illness or a catastrophic accident.
- Durable Power of Attorney (POA): This person is designated to act as a financial or healthcare proxy for you should you become incapacitated due to illness or injury. This permits them to make medical decisions on your behalf.
- HIPPA release: Signing a HIPAA (Health Insurance Portability and Accountability Act) release form ensures that your parent or designated POA can request information regarding your health status and treatment plan from your healthcare team.
Creating your estate plan when you are young is becoming more common. When you are ready to start your estate plan, seek assistance with the process.