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Book an Initial Call NowCongratulations to all of the new graduates and their parents. This is an exciting time in any young adults life. As new legal adults transition from high school to college or the workforce, they must understand the significance of having essential legal documents in place. These documents can protect their interests and ensure their wishes are respected, especially in unexpected situations.
Many people think estate planning is only for older people, but it's crucial for everyone. Once young adults turn 18, they are legal adults, and parents or guardians no longer have authority over their health or financial accounts or information. Accidents and illnesses can happen at any age, and having the right documents can make a big difference.
There are five essential legal documents that every young adult should have:
Consider the story shared by the Financial Planning Association about a young adult who was in a car accident. Despite being healthy and active, the accident left them unable to make decisions.
However, they had a healthcare proxy and a durable financial power of attorney. This enabled their family to step in and make medical and financial decisions on their behalf. Good estate planning can make hard times a little more manageable, even for young and healthy people.
Without these essential documents, your family might face delays in managing your affairs. Courts could appoint someone to make decisions for you. While this may work out, there’s no guarantee a court-appointed agent’s views would align with your wishes. Being unprepared can make difficult times even more stressful and challenging.
Creating these documents is easier than you might think. Here are some steps to get started:
If you're a young adult or a parent of one, now is the time to start thinking about these important legal documents. Our law firm focuses on estate planning and can help you create a comprehensive plan suited to your wishes. Contact us today to request a consultation and get started.
Reference: Financial Planning Association (Oct. 2023) "Essential Estate Planning for Young Adults"
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