Becoming a parent is the most common reason that people create estate plans. Purchasing major assets or getting married are also popular reasons.
However, if you are a young professional in the early days of establishing a career, it's important to establish an estate plan to protect yourself too.
After all, an estate plan isn’t just about naming a guardian for your children or transferring ownership of your house to someone else, it is also about protecting yourself if you ever experienced some kind of medical emergency.
Planning for a possible incapacitation is why any young professional needs an estate plan.
Even if you have a close relationship with your parents, they don’t have the legal right to access your medical records or make decisions about your medical care after you turn 18. Once you are an adult, usually only your spouse has that degree of authority if you are unable to speak for yourself.
This can be prevented by planning ahead and naming someone to assume medical authority on your behalf. You could choose a parent, a sibling or anyone else you trust. You can draft a medical power of attorney that empowers someone else to make medical decisions on your behalf and HIPAA paperwork that allows them to talk to doctors about your medical records and treatments.
You can create an advance directive that leaves them with detailed instructions about your medical wishes, which can give you comfort knowing you can have a say in what happens with you in the event you become incapacitated.
If you spend a few months in a coma because of an accident, you could lose everything you own while you are in the hospital. Non-payment of rent leading to your eviction, which might mean that your landlord throws all of your physical belongings out while you are still unconscious in the hospital.
A financial power of attorney protects you from that situation by giving someone else the right to access your accounts and handle your financial affairs.
Thinking about what would happen if you were unconscious in a hospital might motivate you to create an estate plan even if you don’t have an inheritance to leave behind or children who will require a guardian.
If you need any help regarding your estate or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.
As a blog exclusive, we also have some free estate planning resources for you! View our life planning guide and our estate planning checklist below to either begin your estate planning or check to be sure you're up-to-date on your documents.
Sivia Law presents a six-step checklist to create your own “Life Planning Guide.” This guide helps you advise your loved ones so that they can honor your wishes for your health care desires as well as for the distribution of your estate.
Click here to learn more!
When it comes to planning your estate, having a checklist and important documents in hand is a key part of the process.
Click here to get started with your estate planning checklist!
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
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