Very pleased with the timely fashion adding our new home to our trust. We tried doing it ourselves but it ended up being a hair pulling situation.
At Filippi Law Firm, P.C., we have designed an estate plan package for young adults.
| Will and Testament |
| Power of Attorney |
| Advanced Health Care Directive, also known as a Living Will |
As a young adult, you may feel you don’t have a lot to plan for in terms of an estate. An estate plan goes beyond physical assets, and you might even have more assets than you realize. You don’t need to own property, be married, have children, or have substantial wealth to create an estate plan. In the event that you are unable to make decisions for yourself, your parents or guardians would not have the authority to make decisions on your behalf without proper legal documentation. These decisions can include matters related to your health care, financial affairs, and other important life choices. Your chosen representative does not have to be a parent, but whomever you choose, it is essential that you have complete trust in them.
As a parent of a young adult, it is important to prepare yourself and your child with the necessary knowledge about the legal changes that take place when they reach the age of 18. With adulthood comes a shift in parental rights; you are no longer their legal representative. Therefore, in the event that your child requires emergency medical care, you will be unable to access information regarding their treatment. Their personal matters become just as private as your own. Let’s explore estate planning further.
A will is a legal document that outlines a person’s wishes regarding the distribution of their assets. It allows a person to name beneficiaries who will inherit their assets and an executor who will be responsible for carrying out the instructions in the will.
A power of attorney (POA) is a legal document that allows you to appoint someone to act on your behalf in legal and financial matters. Such as signing documents, managing bank accounts, and buying or selling property.
An advanced health care directive, also known as a living will, is a legal document that allows you to express your wishes for medical treatment in the event that you become incapacitated or unable to communicate your decisions yourself.
Creating an estate plan is important for your assets and your loved ones.
This young adult estate plan has been designed for the individual who:
If you do not meet the criteria, it is in your best interest to get a more in-depth estate plan package. Being married, having children, having many assets, or having other factors requires additional documents that are not included in this package. We pride ourselves on creating excellent estate plans for clients that meet their unique needs. We will not create an estate plan that does not encompass all of your assets and life circumstances.
Will
Power of Attorney (POA)
Advanced Health Care Directive
These are all tough subjects to think about. Take your time and think through what makes the most sense for you. While the important decisions are up to you, our team of attorneys is committed to making the legal aspects as simple and easy as possible. We are available to answer any questions during the process.
Now that you have the tough part out of the way, let’s discuss pricing expectations. The Young Adult Estate Plan Package differs from a standard estate plan in terms of legal documents, making it a more cost-effective option. The cost of the Young Adult Estate Plan Package amounts to $700.
We invite you to schedule a free consultation with one of our attorneys at Filippi Law Firm, P.C., in Rocklin, California. You can give us a call at (916) 333-7910 or fill out the form at the bottom of this page to get in touch with our office.
If you encounter any difficulties, don’t worry; we are here to walk you through the process. After all, estate planning is our forte.
With these legal documents out of the way, you can proceed with your life confidently and with peace of mind, knowing that these important matters have been handled.
You might find this blog article helpful “Legal Documents You Need When Your Child Turns 18.”
“You cannot escape the responsibility of tomorrow by evading it today.”
-Abraham Lincoln
When should I start an estate plan?
It is best to create an estate plan as soon as you become a legal adult. So, 18 is best, but second best is however old you are right now.
Can I make an estate plan on behalf of my child?
No, even as a parent, you do not have the legal authority to make those decisions on behalf of your adult child. You can encourage and assist your child in creating their own estate plan.
Are estate plans only for the wealthy?
Nope. The power of attorney and advanced healthcare directive do not involve money.
Is there a minimum amount of money needed to make an estate plan?
There is no minimum amount of money required to have an estate plan.
Do I need an estate plan if I am not married or have kids?
Yes. It is equally important for a person who is not married or have kids to have an estate plan. Remember, these documents may provide your end-of-life wishes or instructions on your wishes if you were to become incapacitated or unable to make decisions.
Is an estate plan expensive?
Costs often vary depending on your needs. The young adult estate plan is a cost-effective option.
Can I make an estate plan if I have student loans or other debt?
Yes, you can still make an estate plan even if you have student loans or other debts. In fact, having an estate plan can help you address your debts and ensure that your assets are managed and distributed according to your wishes.
How often should I update my estate plan?
After any big life changes. Such as a change in marital status, starting a family, or acquiring significant assets.
Very pleased with the timely fashion adding our new home to our trust. We tried doing it ourselves but it ended up being a hair pulling situation.
Excellent knowledge and handled my issues superbly.
Very good service, I am happy with my decision, the service Bryan Walters provided was great, friendly and easy to understand. The whole process went very well and fitted with my schedule.
I Highly recommend this firm.
Professional, detailed, helpful, patient and flexible.
Jim Filippi is amazing along with his team. They were always there every step of the way explaining what was next. Jim is honest and trustworthy. His honesty is one of his strongest traits. I highly recommend The Jim Filippi Law.