Young adults, especially those in good health, typically live in the moment. Your early adult years usually find you exploring the wide array of life opportunities in front of you. Graduating from college, traveling abroad, getting married, buying a home, and starting a family are exciting milestones that young adults look forward to during this exciting time. While the prospect of aging or experiencing an unexpected loss may be the farthest thing from your mind, it’s never too early to put plans in place to protect your best interests and keep your loved ones safe, should an unanticipated tragedy arise. Most Americans mistakenly believe that estate planning is only necessary for retirees or for individuals who have acquired a significant amount of wealth during their lifetime. However, estate planning can benefit anyone, including young adults who are just beginning to lay the foundation for the years awaiting them. Putting an estate plan in place can give you the peace of mind and confidence you need to face the future, trusting that your loved ones and your legacy will be protected, no matter what the future may bring. Let’s take a closer look at some of the essential estate planning steps for young adults in Washington and how working with a knowledgeable and caring Spokane estate planning lawyer can help you keep the future as bright as possible.
Estate Planning for Young Adults in Washington State
First, it’s important to understand that estate planning encompasses so much more than putting a will in place. Although many people use the terms “will” and “estate planning” interchangeably, a will is just one of many legal documents that you can incorporate into your larger estate plan. As a young adult, you may not have acquired a substantial amount of wealth yet, and you may not think that it’s necessary to work on an estate plan until you do so. However, there are several other estate planning protections that you can put in place to document your wishes and protect your best interests in the event of your sudden incapacity or death. Below are just a few important estate planning documents that young adults in the greater Spokane area can consider putting in place to keep the future as bright as possible.
Healthcare Directive
Even if you are a young adult in good health, unexpected complications can arise at any time. A catastrophic accident or medical emergency can happen to anyone, and the aftermath of such a traumatic incident can cause significant stress and chaos for you and your loved ones. When you work with a knowledgeable Spokane estate planning lawyer, you can discuss the benefits of creating a healthcare directive that documents your wishes for medical interventions or treatments in the event that you become unable to communicate them. For example, if you suffer a debilitating car accident injury that causes you to lose consciousness, the healthcare directive will inform your medical care team of the interventions you want them to use (or not use) when treating you. Medical personnel can refer to this legal document to direct and inform their approach while honoring your wishes.
Powers of Attorney
Sometimes, events or circumstances render us unable to communicate our wishes or make our own decisions when necessary. By incorporating powers of attorney into your estate plan, you can ensure that trusted individuals of your choosing will step in to make such decisions on your behalf in these situations. For instance, a durable power of attorney for health care can step in when you are incapacitated and make decisions with your health care team in accordance with the healthcare directive you put in place. Or, a durable power of attorney for financial matters can handle transactions and decisions that protect your best interests, should you be unable to make such decisions yourself. Essentially, powers of attorney allow you to rest assured that someone you trust will oversee your care and protect your wishes, no matter what complications the future may bring.
HIPAA Authorization
In the event of a medical event or emergency, your loved ones may need to make critical decisions about your treatment. Since privacy laws prevent medical providers from discussing medical information about a patient with others, it’s important to include a HIPAA authorization document in your estate plan that grants specific individuals (i.e., a spouse or healthcare power of attorney) access to your medical records. Ultimately, completing a HIPAA Authorization document removes additional obstacles and bureaucratic issues in times of crisis.
Guardianship Considerations
If you are thinking about starting a family or you already are the parent of a young child, you should consider putting protections in place to ensure that your children will be cared for, regardless of what happens. For example, you can identify a preneed guardian that allows an individual of your choosing to step in and care for your child in the event of your incapacity or unexpected death. Assigning a guardian of your choosing removes the need for the court to appoint one for you, so you can trust that someone you trust will care for your child should you no longer be able to do so. Additionally, you and your spouse can address guardianship matters when you create your simple will as part of your larger estate plan.
Get Started on Your Estate Planning Checklist Today
While your mortality is likely something you think about every day, it’s important to devote some time and effort to safeguarding your loved ones and keeping the future bright and secure. As you begin to explore some of the basic steps for estate planning, consider enlisting the guidance of a caring and trusted Spokane estate planning legal professional who can identify your unique needs and goals. Working with a highly qualified estate planning attorney is essential to ensure that these documents are properly drafted and legally binding, providing peace of mind and protection for you and your family.
It’s never too soon to start planning for the future. If you are ready to begin exploring your estate planning options in the greater Spokane area, reach out to Kristina Mattson Law today by calling (509) 998-6626 to discuss your needs and goals with an experienced and caring estate planning attorney.
