Estate planning for a high school graduate or eighteen-year-old?
Nothing is more of a shock to a parent than when their child turns eighteen and they learn they no longer can access their medical records, help with medical decisions, or help with financial matters. It is an equal shock to the young adult that their guardian is unable to assist and help them transition to adulthood.
Most recent graduates or 18-year-olds will only need basic estate planning documents such as a general durable power of attorney, medical power of attorney, general HIPPA release, and Living Will. These documents help during the “what if” moments.
The Medical Power of Attorney is needed if the young adult experiences a medical emergency, and someone needs to access their medical records or help with medical decisions.
The General Durable Power of Attorney assists when the recent graduate is studying abroad or serving in the military and you need to access their bank accounts, deal with a landlord or creditor, or register a vehicle.
The Living Will gives guidance to loved ones if there is a critical injury or fatal condition and end of life decisions need to be decided.
A general HIPPA release will allow the person you named to access medical records if needed.
These documents focus on assisting young adults and not on transferring property like other estate planning documents. If there are minimal assets, most can be addressed by nonprobate transfers.
To help young people start off adulthood on the right path our office offers a streamlined Young Adult estate planning package. The package includes a General Durable Power of Attorney, Medical Power of Attorney, Living Will, and general HIPPA release. There is a virtual meeting scheduled and the purpose of the documents are discussed along with why they are beneficial. A short questionnaire is completed and then we are able to draft the documents and schedule the signing appointment.