When you turn 18, it’s possible for you to make an estate plan. You cannot do it when you’re a minor, so this is your first chance to get a plan in place.
But you may find yourself wondering why it would even be necessary. Maybe you just graduated from high school and you’re about to go to college. You’re certainly going to take on debt, but you don’t have any assets. You don’t have any children or beneficiaries. You’re not sitting on an investment portfolio or substantial savings. If you passed away, a very moderate amount of possessions would simply be transferred to your family.
Medical decisions
Even at this age, it is important to make an estate plan. The key is to remember that your estate plan isn’t just for your assets. You may not have any assets, or you may have more liabilities and debts. But that is fine. There are still other areas you can address with your estate plan.
For example, maybe you want to set up an advance directive – like a living will – explaining some of your medical decisions. You get to make these for yourself now that you’re 18, but you won’t be able to communicate with doctors if you’ve been incapacitated – after a car accident, for example. The advance directive tells them what you want.
Similarly, you could set up a medical power of attorney. This just gives you the chance to decide who will make these medical choices on your behalf. Even if it’s as simple as picking your own parents, it’s still beneficial to do this so that there is a plan in place and things go smoothly.
If you are interested in creating an estate plan, it’s important to know exactly what legal steps you’ll need to take to both draft and file that plan correctly.