TOO YOUNG FOR A WILL? THINK AGAIN

May 16, 2013
Luis E. Barreto

When most young adults head off to college, the last thing they are thinking about is establishing their will or estate plan. Many might not even know why you need a will, or which provisions should be included to protect their assets. But as these young people enter the workforce, even for modest summer jobs, they will begin to accrue property that would need to be distributed upon their death. If you are a single person in your early 20s or 30s and you do not think you need a will, think again.

Experts say that even young people should plan for the worst-case scenario. That means filling out paperwork for a living will and healthcare directives in the event that you suffer a catastrophic injury. This is particularly important for young adults heading off to college; parents are not permitted access to school medical records because those students are legal adults. This can complicate medical decisions after devastating accidents, causing even more problems for grieving and stressed parents.

Young people should consider naming their parents on their healthcare directives. Unless they are so named, parents, guardians and friends cannot help make any type of healthcare decision. Whomever you decide to name as your healthcare agent should also have access to your medical records and other critical information in the event of serious injury.

Power of attorney can also help you administer your financial affairs if you are unable to do so. This could be something as innocuous as your parents paying your bills while you spend a semester abroad, or it could relate to a more serious problem. Whether you need a simple will, assistance with learning about healthcare provisions, or help managing your financial assets, a qualified probate attorney can teach you everything you need to know about estate planning. Consider establishing a relationship today to invest in tomorrow.

Luis E. Barreto
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