When a person in southeast Texas starts thinking about estate planning, they may think that it is only for the elderly with significant assets. However, that is a myth. Even young adults can benefit from estate planning.
Estate planning and medical care
Unfortunately, there is no guarantee that we will live out our lives in good health and die of old age of natural causes. A serious illness or catastrophic injury can strike a person of any age, rendering them incapable of being able to make medical or financial decisions on their own behalf.
For this reason, it is important for young adults to have a health care directive that outlines what medical care they want to receive if they are incapacitated. Young adults can also benefit from executing a medical power of attorney, which names a person to make medical decisions in the event of incapacitation and a financial power of attorney in the event of incapacitation.
Estate planning and children
Once you have children, you will want to plan for their future. While it is not pleasant to think about, there is always the possibility that both you and your child’s other parent will pass away before the child reaches age 18. Thus, it is important to have a will not only to pass your assets on to your child, but also to name a guardian who will care for your child if you and your child’s other parent die before your child is grown.
Estate planning is for people of all ages
Ultimately, estate planning is important for people of any age, even young adults. No matter what their age, most adults have opinions about their medical care, financial matters and if they are parents, they will want to make sure their children are taken care of no matter what. By executing a comprehensive estate plan, young adults can ensure their wishes will be honored should the unthinkable happen.