When we think of estate planning, we often picture later-in-life individuals setting up wills or trusts to secure their children’s future, manage substantial assets, or prepare for retirement. Traditionally, it’s not something college graduates just starting out in the real world consider as they focus on their job, relationships, and building a career. However, estate planning for recent college graduates is not only practical but essential for ensuring their affairs are in order, no matter the circumstances or phases of life.
Toss Your Hat in the Air
By age twenty-two, young adults are no longer considered minors, which means their parents cannot automatically make decisions for them. While recent college graduates might not possess substantial assets, making estate planning seem unnecessary, it’s important to designate who will manage their affairs if incapacitated due to illness, injury, or travel abroad.
This means every senior in college should have, at a minimum, an incapacity plan. This planning includes records such as:
- a General Durable Power of Attorney;
- an Advanced Health Care Directive; and
- an Authorization for Release of Protected Health Information.
A General Durable Power of Attorney appoints an agent to manage finances and legal decisions for an incapacitated individual, such as paying bills or overseeing contracts. On the other hand, an Advanced Health Care Directive appoints someone to make medical decisions and execute end-of-life care preferences and organ donation.
24/7 Protection
24/7 Protection
With DocuBank, you have secure access to your medical information whenever you need it.
Moreover, under HIPAA laws, health professionals cannot share protected health information without explicit permission. The Authorization for Release of Protected Health Information allows designated agents to access important medical records and authorize the release of protected health information (PHI).
Secure Your Future
Having a set of designated records can prove indispensable in emergency or unexpected situations. This incapacity package may not include traditional items such as bank accounts, investments, and retirement savings, however, they are still an important part of estate planning for recent college graduates. What’s more, they may eliminate the need for conservatorship, saving thousands of dollars in legal fees.
Are you single and loving it? Don’t forget: Because the law requires every adult to make their own personal, financial, and health care decisions, even estate planning for singles is important. Plan for your future today, so you can live life on your terms.
San Diego Estate Planning
San Diego Estate Planning
Dive into the world of estate planning with this quick and straightforward video…