Estate Planning for Recent College Graduates
If you just completed your undergraduate studies, you are likely not thinking about your Last Will and Testament. You may be in your twenties. Hopefully, you are still 50, 60, 70, or even 80 years away from your demise.
However, there are still aspects of estate planning that you can and should consider right now.
If you were in a horrible car accident next week, what would happen? Who would make your medical decisions for you, if you were unable to speak? Who would direct your medical care? Who would pay your bills? Who would take care of your pets?
Understanding a Living Will
For the medical concerns, a Living Will can handle these issues. You can craft a Living Will that will explain your precise requests regarding your medical care. This can include the type of facility where you would likely to be treated. It can specify what types of care you consent to. If you would not want a feeding tube inserted to keep you nourished, you can explain that – and it will be legally enforceable. Nobody can override this Living Will. Not your parents, not your siblings, not any medical professional.
Power Of Attorney
To pay your bills and handle all other financial decisions – paying your student loan, for example – you can create a Durable Power of Attorney. This legal document can let you designate an individual to handle your financial needs. It can also address concerns such as caring for your pets.
You may have more financial decisions in your life than you even realize. If you just graduated from college recently, you are probably not earning a high salary. However, you have financial obligations, and financial concerns, including the possible inheritance you may someday receive from parents or grandparents.
A meeting with an estate planning attorney is a smart step to take. As of you transition into adulthood, having your affairs in order is an essential move.