If your child is a young adult, and especially if they have only recently turned 18, it is likely that you are more worried about things like college or employment than estate planning. However, in many cases, you and your child can benefit from engaging in certain aspects of estate planning, even if they have barely become adults themselves. But why exactly should your growing young adult consider estate planning for themselves?
Overcoming Hesitation For Estate Planning
In many cases, people may think that estate planning is not necessary for young adults, or may hesitate to consider the possibility that they might become the victim of a serious illness or injury. However, life is unpredictable, and advanced directives like a healthcare proxy or living will can ensure you are prepared for what happens. Refusing to plan for the worst only means that you will be less prepared in the event that something happens.
Estate Planning Considerations For Young Adults
First, it can be important to ensure that a new 18-year old has a power of attorney in place, as well as a healthcare proxy and living will. These documents will ensure that you are able to make critical decisions on their behalf if they are unable to make those decisions themselves. It could also ensure that you can continue to assist your child with medical decisions, speak to doctors, obtain medical records, or even handle financial matters. You should also consider having at least a rudimentary last will and testament in place, even if they do not personally own much in the way of property or assets.
The Risks Of Not Preparing
It is important for an adult who recently turned 18 to consider estate planning. WIthout them signing important estate planning documents, you will not be able to readily care for them if they get seriously hurt or ill. You may need to seek a legal guardianship in court, which can be an onerous and difficult process which is not guaranteed to give you the outcome you want. Ensuring you have all your necessary documents in hand to be able to continue to assist your child will ensure you can focus on getting your child the care they need, when they need it.
What You Should Do
If you are a young adult interested in creating an estate plan for yourself, you should speak to a lawyer with experience handling estate law matters. They can help you create an estate plan that suits your needs, and ensures your interests are protected. That way, you can be certain your loved ones will be there to help you when you need them most.
If you are looking to plan your estate, or have any other needs related to probate, estate administration, or elder law, you should contact Leventhal Elias Law, PLLC. She can assist you with every aspect of New York estate and elder law, allowing you to focus on what really matters. For a consultation, contact her at her Staten Island office at 718-448-6655, or email her at EliasEsq@outlook.com.
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