Young Adult Estate Planning
A young-adult estate plan is less about protecting a small bank account and more about preparing for the future.
Many people do not realize that parents don’t have a right to make medical or financial decisions for a child over the age of 18 -- even in a medical emergency. If the adult child needs medical care and cannot speak or make decisions, the parents cannot help unless they have specific legal authroity to do so.
With planning, a child over age 18 can authorize a parent or another trusted person to make medical and financial decisions in the event of an emergency or death.
A plan is helpful in non-emergency situations as well. A young adult traveling abroad, for example, may need help with a legal issue at home, become the victim of some type of fraud or simply decide to stay longer and need someone to cancel a lease, sell a car and cancel an insurance policy.
Who will benefit from the program?
Unmarried students or young professionals who:
- are over the age of 18.
- do not have children.
- want to be conscientious and responsible when it comes to health and financial decision-making.
This plan is not for young adults with chronic medical conditions or special needs, who are divorced or who have unusual wealth.
Estate & Elder Law Services offer a simple Estate Plan for $500 that includes:
- Living Will
- HIPAA authorizations
- Health Care Proxy
- Power of Attorney
- Letter of Instructions to Health Care Agents
This plan empowers the legal adult to:
- Grant parents and/or a trusted adult access to healthcare and financial information in the event of an emergency.
- Inform loved ones of wishes regarding medical treatment in the event of incapacitation/disability and grant permission to a specific person/persons to make decisions regarding treatment in this situation.
- Grant parents and/or a trusted adult authority to make financial decisions in the event they are not available due to travel or medical emergency.
- Allow loved ones access to cryptocurrency and online accounts (including email, blogs or other social media) to manage or preserve those accounts in the event of disability, incapacity or death.
- 30 minute phone conversation between client and attorney to discuss a plan.
- E-mail or letter from our firm to the client outlining what materials the firm needs from the client to draw up a plan.
- Client returns materials via e-mail or traditional mail with $500 payment by check or credit card.
- In-person meeting at which time our attorney will carefully review all documents and obtain appropriate signatures. Client may invite his parents or trusted advisors to this meeting. [Video conferencing available for advisors.]