Estate Planning for Younger Individuals
Ever have a conversation with a child about the meaning of life? As they get older, your children are trying to navigate through life without the worries of what happens when they get into their elder years. Parents, no matter how old their children are, always try to protect them from the harsh realities of life. Unfortunately, all too often times are parents and adult “children” unprepared for life’s twists and turns.
Picture this – your child who just turned 19 and is unmarried gets admitted into the hospital for a sudden illness. As their parent, you immediately rush to the hospital and try to ascertain what is going on with your child. Due to HIPPA laws, no medical information can be provided to you, despite the fact that you are the parent. Scenarios like this are the reason why young adults should think about estate planning. Without documents like a Power of Attorney and Living Will, parents do not have the authority to make health care decisions or financial decisions on behalf of their children should an emergency arise. It is very important to discuss these documents with your children early on, in an effort to avoid a horrific situation.
While these documents may be hard to navigate, our firm is here to help. We can make this process a smooth and seamless one that will give you peace of mind.
In addition, read more about why Estate Planning for Younger Individuals is important from estateplanning.com, brought to us by WealthCounsel, LLC – a resource for legal document software, trust and estate planning software, legal marketing and continuing legal education courses