When one thinks of executing documents to protect assets and provide for the futures of loved ones after death, it’s common to think of doing so during mid-life years and beyond. However, some say that even high school graduates in California should be thinking about estate planning. In addition to focusing on future educational endeavors and prospective employment, planning one’s estate may also be important.
Basically, any person age 18 or beyond is advised to execute documents to plan for an estate. One of the main topics of importance for a young adult involves potential medical emergencies that could render a person incapable of making his or her own decisions regarding health or finances. Current privacy laws may prevent parents from accessing medical information for an adult child unless the appropriate documents have been set in place.
Whether medical treatment should continue in light of terminal illness or whether a patient should be offered nutrition or hydration are issues that a living will can address. This document would be accessed if the patient has been rendered incapable of speaking on his or her own behalf due to a mental or physical impairment. A young adult may also appoint someone to manage finances and property, even if no impairment is present.
Matters of estate planning can be complicated. In California and elsewhere, there are experienced attorneys who can be of service to those with questions or concerns regarding such issues. Anyone beyond high school age may contact an attorney to seek consultation and obtain guidance in the estate planning process.
Source: unionleader.com, “Marc A. Hebert’s Money Sense: High school graduates have estate planning needs to consider”, Marc A. Hebert, June 24, 2016