A new job, a college degree and a new apartment. You’re out on your own for the first time and excited about the prospects for your future. The furthest thing from your mind is an estate plan of any type. After all, you’re single, young and don’t have any children; why should you worry about estate planning? Isn’t that for the middle-aged and elderly?
While it’s true that you probably don’t need to set up trusts, you should consult an attorney and draw up a Power of Attorney, a Will, and a Living Will.
Should something happen, you become incapacitated and unable to make decisions for yourself, you’ll need a representative to speak for you. Without a healthcare Power of Attorney, wherein you designate your representative, the court will appoint the representative for you. This person may know nothing about you, your wishes or your life. You also need a Living Will should you not desire to have artificial means used to keep you alive.
Lastly, you’ll need a Will. Without a Will, the courts will liquidate your estate by selling off your property and dividing the proceeds among your next of kin. The court will not take into account the fact that some of your possessions may be precious family heirlooms that should remain in the family. Unless you have a Will that specifically passes items to heirs, your family may lose important pieces of the family history.
One other piece of paper you may wish to consider is an informal letter which sets out your wishes for your funeral. These instructions should not be part of your Will because they are needed before your estate is opened. There is no formal language that you need to be concerned about. Just state very simply and plainly how and where you would like to be buried.
If you are or your child (now adult) is going off to college, the three most essential documents to have in place are:
- Power of Attorney
- 5 Wishes and
If you don’t or your college aged child doesn’t have these documents in place, contact our office today and set up an appointment to discuss your needs for your early estate planning! Contact us by email or call us at 303-736-6060 or at 719-520-1474.