My oldest son, just graduated from college, got a job and even set up his 401-K (yes, I’m a proud parent). Now, it’s time for him to set up his Estate Plan.
I know what you are thinking, and it’s probably similar to what he said, “Why, I don’t have any assets! Unless you want me to leave you all of my student debt to you.”
I of course said “no”, (I have enough student debt of my own). What he didn’t realize (along with the majority of young adults ages 22-30) is an estate plan is more than who you are going to leave your “stuff” to, it’s putting a plan in place for all the what-ifs.
Right now, there are a lot of what-ifs, to consider:
What if I’m in a car accident?
What if I’m hospitalized due to Covid?
What if I need emergency surgery?
What if any of those things happen?
Who pays your credit card bill, manages your 401k, and makes sure your rent/mortgage payments are made?
Who says “yes” to the surgery, “no” to a new treatment, or signs off on the use of intravenous antibiotics?
When you are young, without a lot of assets, you still need to have Powers of Attorney in place. A Durable Power of attorney allows someone to manages your finances for you. A Medical Power of attorney allows someone to make medical decisions for you. These powers only become active if you are incapacitated.
So, as we send our children out into the real world, let’s teach them about being proactive about Estate Planning early. Let’s not wait until the need arises, by then it’s too late.
We offer complimentary consultations, in order to help you and them learn more about the importance of Estate Planning at all ages. Call 469-402-3030 today to schedule.
