“When do I need estate planning?” is a common question I hear time and time again. Unfortunately, the best answer is often “right now.” Contrary to popular belief, estate planning is not just for your parents, or the elderly. Estate planning is for all adults who want a say in what happens to them or their stuff in the event they become incapacitated or pass away.
College Students
Yes, even college students can benefit from estate planning. Typically, when we sit down with a college student, their estate plan includes a HIPAA authorization, a living will, a power of attorney, and a will. The HIPAA authorization allows for a parent or other individual to be able to access the college student’s medical records.
Newlyweds
Newlyweds are another popular population who needs estate planning. If you recently got married, you may want to nominate your new spouse to act as your power of attorney or healthcare surrogate. You may also want to leave them specific bequests. Sometimes, you may want to specifically bequeath an item to someone other than your spouse. A properly drafted estate plan accounts for those situations, and more.
New (and not-so-new) Parents
Parents are some of the most important people who need an estate plan. If you have minor children, you must have an estate plan in place. Your estate plan should focus on what happens to your minor children in the event of your untimely passing. It also covers what happens to you if you become incapacitated, and what happens to your things if you pass away.
Everyone!
Even if you don’t fall into one of the categories above, chances are you could benefit from having an estate plan in place. Having a properly drafted estate plan offers peace of mind that if you become incapacitated or pass away, you and your estate will be taken care of as you wish.
If you need a new estate plan, or need to revise an old one, contact a local attorney today. We can help get you on the right path.