Estate Planning Attorney | Many individuals think that estate planning is meant for people later in life. However, there are many cases where young adults should have the assistance of an estate planning attorney too.
A college-aged individual probably doesn’t need a will unless the property is owned, have a bank account over $25,000, or have young children. If any of these are the case, it’s important to speak with an estate planning attorney– no matter what age – to ensure your child’s assets are protected.
However, if there are no special or underlying circumstances, the average young adult only needs a few estate planning documents. One of those is a durable power of attorney document that appoints one individual access to information or act on that person’s behalf. This can be particularly useful when your child attends college far away, is signing financial aid documents or beginning to build credit on their own.
Additionally, a healthcare advanced directive is a crucial document to have for young adults. This document allows your child to appoint a health care representative to make health care decisions and communicate provides on their behalf if they are unable to. It’s important to note that this does not give up your child’s right to make decisions on their own, it simply allows you to also act on their behalf and receive information.
Like a health care directive, the Health Insurance Portability and Accountability Act (HIPAA) prevents the release of information to anyone other than the individual being cared for. However, if your child signs a HIPPA release form, you can also receive updates on your child’s health that would otherwise be protected from release.
If you are interested in learning more about these documents and how they could help you or your child, contact an estate planning attorney at The Law Office of Michelangelo Mortellaro for a consultation today.