This time of year is exciting for those graduating from high school and college. The future looks bright and they are looking forward to finding of how their careers will grow and their lives will change. What they may not be considering, one recent report that may be of interest to those of us in Texas says, is estate planning.
In fact, for young adults in Texas entering into a new stage of life, estate planning is just as important as for those who are older. In particular, documents such as a health care proxy and a power of attorney may be necessary. This is because those over the age of 18 are legally adults, thus not under their parents control should something happen to them.
A health care proxy can appoint a person to make medical decisions should something like an accident happen to leave a young adult incapacitated. Such decisions can include life saving treatments offered. A power of attorney can appoint a person who can care for an individual who is unable to care for themselves.
Though it is a surprise to many that estate planning is necessary for those who are very young, it is true. Parents may do well to consider working with their teens and 20-something children to make sure that they would be able to care for them and their assets should an accident happen. Creating estate planning documents is an important matter, as important as choosing which dorm in which to reside when a child leaves for college.
Source: Fox Business, "You're Never too Young to Think About Your Estate," Sheyna Steiner, May 3, 2013