Far too many people across the United States assume that estate planning is only for the old or the wealthy. Unfortunately, however, that is not true and it becomes increasingly important in an age in which many people are realizing the negative impacts of potential disability or life-changing accident.
Estate planning does not have to do only with your net worth. In fact, the first stage of estate planning for an individual who has just turned 18 should be to name a primary decision maker. This is another person who steps in and makes decisions on your behalf if you become unable to do so. While many young people may not think of this initially, having a healthcare proxy and a durable power of attorney enables someone else to make decisions on your behalf in the event of a worst-case scenario. In such a tragic situation, you want to do everything in your power in order to avoid things from getting worse.
The durable power of attorney can also be beneficial for college students who may need a parent to step in and assist with financial matters or taxes while they are studying abroad. All of these documents can be easily obtained after consulting with an experienced estate planning lawyer.