Young people often assume estate planning is something they won’t have to worry about until they are older or have a significant amount of assets. There are some documents that younger people should have in place though, even if they don’t have a dime in the bank or property in their name. For example, a durable power of attorney and an advance health care directive. These powerful estate planning forms can give a person control over how their assets and health care are handled when they are unable to make their own decisions. An estate planning lawyer in Moline, IL might help a younger person prepare these documents so they’re prepared in case they need them.
Without a power of attorney loved ones will not be able to get access to a person’s bank account to pay their bills if they are incapable of doing so themselves. When someone else can handle important financial matters while their loved one is temporarily incapacitated, it might be easier to readjust to a normal life when they get better. Some of the things a power of attorney might be able to do include paying bills, filing taxes, making payment arrangements with the landlord or mortgage company and disconnecting utilities if the incapacitated person needs to move out of their home.
Many young people assume their parents will be able to make health care decisions for them if they are seriously injured or become so ill they aren’t able to express their wishes to their doctors. However, once a person is legally an adult, they are responsible for making their own decisions when it comes to financial matters and health care. Without an advance directive, family members may have to get a court order to be able to do this. Since precious time can be wasted during the probate process, it’s important to have this document in place before something tragic happens.
Anyone in need of these documents or other estate planning tools could contact an estate planning lawyer in Moline, IL to get started. A group like the Law Office of Raoul J. LeClerc may be able to help young and more mature adults set up an estate plan that will meet their medical and financial needs.
