One of the biggest misconceptions surrounding estate planning is the idea that it’s only for older generations and the rich. In reality, there are estate planning documents and considerations for adults of all ages.
One of the biggest misconceptions surrounding estate planning is the idea that it’s only for older generations and the rich. In reality, there are estate planning documents and considerations for adults of all ages.
Why should you talk to your young adult children about estate planning? Consider a scenario where your child turns 18 and goes off to college. They end up getting into a bad accident. Without certain documents in place, you could be left in the dark about the care they’re receiving, their condition, and other critical elements of their recovery. We want to help bring peace of mind in these and other alarming situations through proactive planning.
Healthcare Proxy or Power of Attorney
The clearest way to avoid the situation above is to be your young adult children’s Healthcare Proxy (or Power of Attorney). This keeps the legal tether you have to your children intact as they go out on their own and experience life and all that comes with being an adult.
These planning tools ensure that parents of young adult children are able to remain involved in critical healthcare decision-making and have access to necessary medical records to protect and support their children in this important stage of their lives. This, along with getting HIPAA authorization from your child, keeps you in touch when it matters most.
Durable Financial Power of Attorney
A Durable Financial Power of Attorney gives you the same legal authority for financial matters as they relate to your young adult children (or other designee). In many families, children have shared financial accounts with their parents to be able to easily provide financial support and guidance when necessary. While you would always have access to any joint accounts, you lose access or say in any individual accounts they may open when they turn 18.
Retaining legal control over crucial decisions allows you to serve as their advisor as they begin to assert themselves financially in this time of transition.
A Living Will
Should young adults in Tennessee actually get this far into planning? We believe yes, it’s important to start the estate planning process sooner rather than later. As young adults begin to accumulate assets, start retirement accounts, and plan for life ahead, it’s important to be proactive about planning.
When you’re trying to build something, whether it’s a family, a business, or both, you want to protect it from the beginning. We can’t always predict the twists and turns of life, but we can prepare for them with peace of mind. A living will is a simple document that can easily evolve as your life does. You can designate who will receive any assets you’re accumulating, designate what healthcare decisions you want to be made on your behalf when you're unable to make those decisions yourself, and more.
At Arnold, Willis, & Conway, our Tennessee estate planning attorneys help individuals and families protect and plan their estates with effective and thorough documentation. Whether you’re a young adult just getting started, a parent looking to protect your children, or a business owner looking to protect your business interests, we are here to help. Contact our team in Dyserburg today to get started on the planning you need.