Estate planning is essential, especially for young adults. It starts the conversation to help you find a sense of order and begin to think about the future. Keep reading to learn more about what estate plans can really do – and why you should consider getting started
I Am Young, Single, And Healthy. Do I Need More Than A Will For My Estate Planning?
Depending on your goals for the future, a will or a trust may be necessary for you. But that’s not all…
In addition, everyone needs to have a Durable Power of Attorney to appoint someone to handle their financial and physical affairs when they cannot. A Living Will and Healthcare Power of Attorney are essential so that the doctors know how much or how little treatment that person wants when they cannot tell the doctors themselves.
What Information Should Be Included In My Will? What Does A Will Explain To My Beneficiaries?
In every will, you are going to list specific requests for items you want to give to different people. Also, you will have to list out how you would like your assets to be distributed after your death.
Do I Have To Be Wealthy And Own A Lot Of Assets To Benefit From Estate Planning?
Being wealthy is not a requirement to benefit from estate planning, because estate planning is about more than just a will or a trust. Everyone should be able to choose how they want their assets to be passed on rather than leaving the state to decide what will happen if they do not have a will.
Also, you should have the medical directives of a Living Will or Health Care Power of Attorney to tell the doctors how you want to be treated when you cannot express your wishes. Finally, for a Durable Power of Attorney, you appoint someone you trust to handle your affairs when you cannot.
What Should A Young Single Person’s Estate Plan Include?
The four main things a young single person’s estate plan should include:
- A Will
- A Durable Power of Attorney
- A Living Will
- Health Care Power of Attorney
What Legal Medical Documents Should A Young Adult Have In Place When Doing Estate Planning?
In South Carolina, the legal and medical documents you should have are a Living Will and Health Care Power of Attorney. These two documents work together to make sure that you are prepared if something terrible ever happens to you.
Do I Need Both A Living Will And A Healthcare Power Of Attorney?
It is strongly recommended that you have both a Living Will and a Health Care Power of Attorney.
- A Health Care Power of Attorney is a document where you make specific choices about organ and tissue donation, artificial feeding, and treatment.
- A Living Will dictates what will be covered under the Health Care Power of Attorney.
Is An Advance Directive And A Healthcare Directive The Same Thing?
An Advance Directive is more for after death, and a Health Care Directive is for while you are alive.
An Advance Directive tells someone how you want your death handled – it lines out your wishes for things like funeral and cremation. Through this document you can prepare your funeral and lock in costs in advance.
The Health Care Directive is more like a Living Will or Health Care Power of Attorney. This is where you tell the doctors how you want to be treated when you cannot do so yourself.
Should My Estate Planning Documents Explain My Wishes For Burial And Include Funds To Pay For Those Expenses As Well?
Your Advance Directive should undoubtedly contain your desires concerning your funeral, burial, or cremation. Additionally, the information should be in your will, so there is no doubt about your wishes after your death.
Generally, life insurance is used to pay for a funeral. Still, if you have set up an arrangement to pay for a funeral ahead of time, that would be in your advance directive. If you’ve already paid for those expenses, it is essential to include this information as well.
What Information Should I Put In My Advance Directive Instead Of Leaving It In My Will, Which May Not Be Read Until Weeks After My Death?
Your Advance Directive should include whether you want to be buried or cremated. It would also include what kind of casket you have selected. If you have a burial plot, its location is essential to note so your representative can find it. If you deal with a particular funeral home or made advance payments, that should also be in that Advance Directive.
For more information on Estate Planning For Single Young Adults, a free initial consultation is your next best step. Get the information and legal answers you seek by calling (864) 271-7940 today.