June is full of events that signify the change of life. One of those events is high school graduation. It is a milestone for high school seniors as they transition from following their parents’ rules to illusion of freedom that accompanies entering adulthood. They are celebrating this milestone with graduation parties. They look forward to cards full of money and gifts to adorn their college dorm rooms or first apartments. But have you thought of giving the gift of lifelong peace?
Instead of giving cash or much needed dorm supplies, consider purchasing a gift certificate for a basic estate plan. Every college student or young adult should have these three basic estate planning documents: a durable power of attorney for finances, a patient advocate designation with HIPAA waiver, and a last will and testament.
A durable power of attorney for finances will allow the young adult to designate a financially responsible adult to act on their behalf when they are unable to do so. This power designation will allow the agent to access bank accounts; deal with creditors; pay rent, utilities and credit cards; and manage loans, including student loans. The young adult will have a say before the need arises to appoint who they trust to manage their financial affairs when they cannot.
A patient advocate designation with HIPAA waiver allows the young adult to designate a person to advocate on their behalf regarding healthcare decisions. This is a role parents fulfilled throughout childhood but no longer can legally do so once the age of eighteen is attained. With a properly prepared patient advocate designation, the young person can name a person or persons that they trust to fulfill this role when they are incapable of speaking on their behalf. The young person can provide directions on what actions to take if an injury or illness will likely result in death. The designated person will also be granted access to medical records, so informed decision regarding healthcare can be made on behalf of the young adult.
A last will and testament will allow the young adult to direct the distribution of their estate upon their death. Many young adults do not think of what will happen when they pass away. Death is not within their immediate goals. But a last will and testament give the young adult a voice in what will happen to his personal belongings upon death.
If you have a young adult preparing to head off to college or move into their first apartment on their own, give them the gift of peace. Purchase a gift certificate for an estate plan with an attorney who understands what a young person needs at the beginning of their life adventures.