One of your primary purposes for creating an estate plan is to have the final say over what happens to your personal property in the future. You may also want to have control over the specific types of medical care you could receive in the event of your incapacitation. However, these may not be pressing concerns for you while you are young. Even if you are not at an advanced age, having a complete estate plan is a beneficial step for you.
Life is unpredictable, and there are circumstances during which Texas young adults may benefit from having an estate plan, regardless of their age. You do not have to be old or unhealthy to benefit from the protections provided by certain documents. If you do not currently have a plan, there is no time to lose in creating one that is suited to your current needs.
Early planning is important
Unfortunately, many younger people overlook the need to plan for their futures. Once you reach the age of 18, parents no longer have the capacity to make legal decisions for you. This means that it is important to have plans outlining your medical preferences in the event of your incapacitation. You also have the right to have the final say over what happens to whatever property you own. As a young adult, the following are important documents for your estate plan:
- Health care power of attorney – This gives you the ability to name a person to make medical decisions on your behalf in case of your incapacitation.
- Last will and testament – This is a document that outlines what you want to happen to your personal property after you pass. You can also express wishes for the care of a pet.
- Financial power of attorney – This document appoints an individual to make financial decisions on your behalf in case you are unable to do so.
Every estate plan is different, and you can create a strategy that will provide you with confidence for the future. This is a worthwhile endeavor, regardless of your age, and taking the time to do this will give you peace of mind knowing that your interests are secure. It is also beneficial for your loved ones as it will reduce their burden and stress in the event that you are unable to speak for yourself to make your wishes known.
