I am 25, single, no kids, just finished law school—meaning I have little to zero assets of my own, and recently began working for Powers & Neal Law firm. With all of this in mind, it would seem pointless to have an estate plan, right? Wrong.
The absolute best scenario—and one that I pray for—is that I live to a ripe old age, become a successful estate planning attorney, and die in my sleep without any pain or suffering. The worst case scenario is the exact opposite. However, either way you look at it, we will all die one day. With that being said, it is important to think about how we want to treat the people and assets that remain when we pass and more importantly, how do we plan or prepare for the possibility of becoming ill, incapacitated or disabled?
Well, as I have been learning you plan for these situations by creating an estate plan regardless of whether you have any assets or not. If you become incapacitated or die without a plan, it is a possibility that your family will lose control over your estate because the court can freeze whatever assets you may have until it appoints someone to handle your affairs. Additionally, without some type of living will, my family might not know my feelings about “pulling the plug” which could cause immense family strife (see Terri Schaivo). So my idea of the absolute best scenario and dying in my sleep without knowing that I am passing away, that won’t be possible.
Creating an estate plan will help avoid all of this. While working at Powers & Neal Law, I have been able to create a simple will that includes my:
- Last Will & Testament to name who inherits my assets after I pass and who should be able to administer my estate without having to go through lengthy court proceedings;
- Health Care and Mental Health Care Power of Attorney to designate an agent to make medical decisions for me in the event I cannot do it myself;
- HIPAA Authorization which tells doctors that I want them to share my protected health care information with the people I have designated in the above documents;
- Durable Power of Attorney which allows the designated person to handle my financial affairs if I am unable to do so; and
- Living Will which informs medical providers of my end-of-life medical wishes.
Thus, even though I am young and supposed to be out celebrating life without thinking about my death, I know that it will eventually happen and I need to be prepared in case something out of the ordinary does happen. With the help of Powers & Neal Law, not only have I been able to gain a wealth of estate planning information, but Abigail Neal has ensured that I will be taken care of at any stage of my life in sickness and in health by personally tailoring my estate plan to fit my needs. No matter how young or how old you may be, we can help ensure that you will also be taken care of at all stages of life. Call us today to find out how Powers & Neal can provide you with the same ease of mind.