For college students and young adults, planning for death or incapacity seems unimportant. However, there are some essential documents that can profoundly impact their lives and the lives of their loved ones should the unexpected occur. While most young adults don’t need an estate plan as sophisticated as older individuals, there are some basic documents everyone over the age of 18 should have.
Here are four simple documents that every young adult should consider:
1. Health Care Power of Attorney: This document allows you to designate someone to make medical decisions on your behalf if you are unable to do so. Whether it's a sudden illness or an accident, it is important to have a designation for medical decision making to avoid conflicts or wishes not being carried out.
2. Durable Power of Attorney: Similar to a health care power of attorney, a Durable Power of Attorney designates someone to manage financial affairs if they become incapacitated, even if only temporarily. From paying bills to managing investments, having a designated agent can ensure that your financial matters are taken care of. Without a Durable Power of Attorney, a conservatorship must be established with the Court, which can be very time consuming and costly.
3. HIPAA Authorization: The Health Insurance Portability and Accountability Act (HIPAA) protects medical privacy. By signing a HIPAA authorization, a person can give specific individuals permission to access medical information. This can be crucial for ensuring that loved ones can communicate with healthcare providers and make informed decisions about care.
4. Will: While creating a Will may seem like something reserved for older adults, it can be important for individuals of all ages. Some young adults may need a Will to make sure their property, no matter how much, goes to the intended recipients on their passing.
At Freeman|Wine, LLC, we believe in educating younger generations to be empowered to take control of their future and to be responsible regarding estate planning. We enjoy working with young adults to meet them at their level and help guide them in the estate planning process.
Please feel free to contact us, or have any young adults in your life contact us, to discuss estate planning. We gladly offer discounted rates for basic documents for students.
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