If you’re young, single and child-free, you probably don’t haven’t had a lot of reasons to think about your estate plans just yet. However, there are aspects of an estate plan that shouldn’t be neglected by anybody.
Wills and powers of attorney forms for both health care decisions and financial matters are absolutely essential no matter what your age. Here’s why:
1. You could get too sick to direct your care.
If you’re hospitalized after a bad accident or for a serious illness that leaves you unable to communicate, whom do you want to make decisions for you? Unless someone has your power of attorney for medical matters, it won’t be up to you — and that gives you no opportunity to make your wishes known.
2. You may not be able to handle your finances.
If you’re stuck in a hospital, the odds are high that you won’t be up to managing your financial affairs right away. Your rent and utilities could go unpaid, which means that you could lose your home. Your credit cards would go unpaid, too, which could destroy your credit — and make it much harder to find another place to live. With a medical power of attorney, someone you trust can do your banking, make agreements with your creditors and otherwise handle the bills until you get well.
3. You may have special bequests in case you die.
If the worst happens, what would become of all your treasured possessions? Unless you want to take the chance that your favorite things could be sold at an auction or thrown out, it’s wise to have a will that will direct mementos to your family, friends and favorite charities.
It’s important to remember that when you’re young and unattached that you don’t have an automatic “safeguard” in times of trouble. Your parents can’t step in and take charge unless you grant them the ability through the proper forms. Find out more about how to make an effective estate plan that will meet your needs today by contacting our office.