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Estate planning for younger people


Almost all Kent area residents know how important estate planning is. Estate planning is not just wills and trusts, but also power of attorney designation, health care planning and more. For young people, estate planning may seem to be something for older people. But, young people also need to take a look at estate planning and how some options are important no matter what age a person is.

Young adults often don't think about estate planning. Most of these people haven't actually amassed an estate and therefore aren't worried about what will happen to their assets if they pass away. But, for young people, one part of estate planning is extremely important. This is the medical power of attorney. When a person is under the age of 18, parents make decisions on their children's medical care. But when the person is over the age of 18, parents may not be able to access their child's medical records or make health care decisions for their child unless they've been granted medical power of attorney. In addition to a medical power of attorney, a young person should also designate a financial power of attorney.

A legal professional skilled in estate planning can help a person create the estate planning documents they need, no matter what stage they are in life. Estate planning is for everyone, regardless of age, assets or income. An attorney can make sure a person has all the important documents created in case the unthinkable occurs.

No one ever expects they will pass away unexpectedly, but having estate planning documents in order in case they become incapacitated can create peace of mind.

Source: investmentnews.com, "The most important part of a young person's estate plan," Greg Iacurci, Aug. 3, 2016

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