Estate Planning for Young Adults

Turning eighteen is a milestone for many reasons.  You are legally an adult, with the ability to vote, and you may be heading off to college or starting a career.  The future is upon you, the world is your oyster, and any other number of clichés.  Regardless of where you are headed, it is most likely not to draw up an estate plan – but maybe it should be.

Especially for those high school graduates heading off to college, an estate plan could be just as important to bring along as a mini fridge and shower shoes.  A recent article by Sheyna Steiner on NBC News delves in to the importance of estate planning for the college-bound or recently graduated.

While an entire estate plan may be unnecessary for most, the basics — such as appointing a health care proxy and a power of attorney — are important to cover.  Young adults often extrapolate on “worst-case scenarios,” and most can tell you what they would do in a zombie apocalypse, but what about how they would handle other dire situations?  Steiner suggests that when it comes to estate planning, age is irrelevant when it comes to incapacity planning.  Everyone should have a medical directive and health care proxy in place for those worst-case scenarios that don’t involve the rise of the undead.

Unfortunately, it is not widely acknowledged that once you reach eighteen, your new status as a legal adult remands the rights to medical records from your parents or other concerned parties, even if you should become incapacitated and unable to make your own decisions.  Without a healthcare proxy, the person making your medical decisions may be out of your hands.  If you are attending a college out of state, this can be even more important. With a simple healthcare proxy appointed you can provide peace of mind for yourself and all involved.

Young adults may also want to consider adding a power of attorney to handle financial affairs and obligations.  While you are at it, a basic will is also something to consider.  Many single twenty- and thirty-somethings never bother to create a will, but this simple task is one that will save a lot of trouble later on.  While nobody likes to think about mortality, especially those heading off to college, it is also unfortunate to think that without a will your legacy will be determined by state law.  While many young adults may not own homes or have children, they can bequeath their personal items to various individuals – taking their legacy into their own hands.

While considering the basics of estate planning, young adults today may also want to consider their social media will – a must for the internet savvy!  Hashtag Prepared.