At Filippi Law Firm, P.C., we have designed an estate plan package for young adults.
The Young Adult Estate Plan includes:
|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.
Why is it important?
Creating an estate plan is important for your assets and your loved ones.
- You get to decide where and to whom your belongings go.
- It will make the process a lot easier for the people you might leave behind.
- With everything thought out beforehand, it prevents difficult decisions from being thrust upon a loved one.
- An estate plan helps avoid probate, which is the legal process that happens when someone passes without leaving a will. This process can be costly in both time and money.
- Although unpleasant to think about, leaving your estate planned and the difficult decisions made will allow those you leave behind to focus on grieving instead of dealing with extensive legal matters.
Who is this estate plan designed for?
This young adult estate plan has been designed for the individual who:
- is not married
- does not have children
- has minimal to no assets
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.
Steps to take to prepare for your consultation with your estate planning attorney
- Decide who your beneficiaries will be. This can include family members, friends, charities, and even pets.
- Decide who your executor will be. This person will be in charge of carrying out your wishes and managing your estate. This should be someone you trust who is capable of handling the responsibility.
- Decide guardianship. If you have minor children, you must decide who will be responsible for their care.
- Decide if you want to leave specific amounts of money to certain individuals or organizations.
- Decide how any remaining assets should be distributed after your requests and debts have been addressed. This can include collectibles, digital assets, pets, family heirlooms, or items with personal value.
Power of Attorney (POA)
- Choose an ‘agent.’ Your agent is the person who will be making the decisions on your behalf. This must be someone you trust and who will have your best interests in mind.
- Decide what powers you will grant to your agent. Typically, this includes power over financial and medical decisions.
Advanced Health Care Directive
- Choose a healthcare proxy. This person will make medical decisions on your behalf if you are unable to do so. Of course, this person should also have your best interests in mind.
- Think about your end-of-life care. Outline your preferences, whether you want to be kept alive using artificial means or whether you prefer palliative or hospice care.
- Think about life-sustaining treatment. Here, you outline your preferences, such as mechanical ventilation and CPR.
- Decide if you want to be an organ donor. Express your wishes regarding organ and tissue donation after your death.
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.”
Frequently Asked Questions
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.