You are never too young to draft your estate planning documents. I am sure you would agree that anything can happen to anyone at any time. There are several cases in my office that can be used for illustrative purposes.
A few months ago, I was retained by the family of a 43-year-old male who suffered a stroke, having no estate planning documents. Fortunately, he retained his capacity and was able to sign a power of attorney and health care proxy. If he had lost his capacity, a guardianship proceeding would be required.
More recently, I was retained by the parents of a 30-year-old who died unexpectedly. He too had no estate planning documents in order. Since there was no planning in place, the administration of his estate will be cumbersome and delay access to his financial information. His parents have no legal authority to handle his affairs.
There are countless other examples I can provide but they all reach the same conclusion. Once you become an adult, it is necessary to have estate planning documents in order. At a minimum, we should all have a power of attorney and health care proxy. Depending on other factors, a Last Will and Testament or some form of trust might be applicable. Remember, estate planning doesn’t only include document drafting. Making sure that your loved ones know your assets, including usernames and passwords, is a very integral part of your planning as well.
