Every adult needs at least a few basic legal documents to provide for her own medical and financial affairs.
Once a person turns 18 years old he becomes a legal adult. This matters from an estate planning perspective because:
- Parents or legal guardians lose their right of access to information about that young adult.
- The young adult loses the automatic right of the parents or legal guardians to advocate on his behalf.
- If the young adult needs assistance with medical care or financial advocacy, such as in the event of an emergency, the parent or legal guardian will be unable to do so without legal authorization.
That’s why every young adult needs at least a very basic estate plan. With proper legal authorization, parents and legal guardians can continue to support and advocate for their children and gain access to their medical, financial, and digital information.
A basic estate plan preserves good relationships between different family members who may not agree with one another about the young adult’s stated wishes.
Every young adult should have at least some basic legal documents that provide the adults of her choosing the authority to:
- Manage her financial affairs such as paying bills, requesting statement copies, and renegotiating contract or lease terms when she just wants helps and in case of an emergency;
- Access her online banking and other electronic, financial accounts;
- Access her protected health information;
- Consent to or refuse medical treatments and procedures if she cannot do so herself;
- Serve as her spokesperson regarding her end of life wishes;
- Consent to donating her organs;
- Arrange for her cremation or burial;
- Organize the details of her memorial service according to her preferences;
- Post notices to and/or memorialize, download copies of, or close out her social media accounts;
- Specify who should receive certain sentimental pieces of personal property, like jewelry, collections or mementos.