Estate Planning Should Begin Early in Life
If an adult is in an accident or becomes incapacitated, he or she may be the only person who can legally make decisions for him or herself. Even if that person lives with a parent or relies on a parent to make decisions for them, the law is clear that mom and dad have limited authority without proper planning. For this and other reasons, anyone who is considered a legal adult should have an estate plan in place.
Create Medical and Financial Powers of Attorney
As soon as a person is declared a legal adult, he or she should create a medical and financial power of attorney. The medical power of attorney allows a designated party to make health care decisions on his or her behalf. This may determine if an incapacitated individual receives medication while in a coma or is resuscitated after experiencing a medical emergency.
With a financial power of attorney, an individual grants another party permission to make limited monetary decisions on that person’s behalf. For instance, a close friend may be permitted to pay the mortgage or make student loan payments out of a trust. This person may also be allowed to sell a home or other items if necessary.
Designate Guardians for Minor Children
Parents who have minor children should designate guardians for their sons or daughters in the event that they can no longer raise them. If no guardian is named, state law may determine who raises a child, and in some cases, they become a ward of the state. By designating a guardian today, parents can have peace of mind knowing that their kids are safe if they become incapacitated or pass on.
Talking With an Attorney May Be Helpful
Anyone who is interested in planning for their future may want to talk with an estate planning lawyer in Las Vegas. This may also be a good idea for those who have estate plan documents such as a will but want to review them. In some cases, creating an estate plan requires nothing more than signing a few simple documents. Making changes to an estate plan may also require nothing more than a signature or a phone call to anyone who may be impacted by the change.