How younger people can benefit from estate planning

On Behalf of | Mar 30, 2020 | Estate Planning |

An estate plan can be useful for anyone who is over the age of 18. Therefore, college students in Florida and throughout the country are encouraged to start building a plan that reflects their current needs. For instance, it may be a good idea for an individual to create a medical power of attorney and pair it with a HIPPA authorization form. This allows a designated agent to access an individual’s medical records and make decisions on an incapacitated person’s behalf.

Under current HIPPA laws, parents generally don’t have the right to access an adult child’s health records. This is true even if a person is on a parent’s medical insurance plan. A durable power of attorney can allow an agent to make financial decisions on behalf of someone who cannot do so on his or her own. The person designated as the agent might also be able to sign legal documents on an incapacitated person’s behalf.

Most estate planning forms can be found online, and it may be possible to fill them out and sign them without the need to see an attorney. However, legal counsel may be available for those who have any questions about these forms or how to complete them. Typically, power of attorney and HIPPA authorization forms must comply with laws in the state where a student is attending college.

There may be many benefits to starting the estate planning process as early as possible. For instance, young professionals may want to make beneficiary designations on a 401(k) or other brokerage account. Individuals of any age might want to create a living trust to help them manage their assets while they are alive. An attorney may be able to assist those who want more information about estate planning.