Planning to leave for college involves decisions such as which dorm to live in or which school to attend. What it should also include, one recent report that may be of interest to those of us in Nevada asserts, is estate planning. This, the report says, can help make sure that the wishes of a child are adhered to should the unthinkable happen.
In fact, the report says, that without proper estate planning, an adult child who is seriously injured could be at the mercy of state law. This is because once a child reaches the age of majority, the parents no longer have legal rights to make decisions for them in the event that the child becomes incapacitated. This is why many now consider making a will, power of attorney and healthcare directive before leaving for college.
A power of attorney, for example, would allow an adult child to appoint a person to take care of their estate should they become incapacitated. This can cover both the personal care and the financial assets of a person, just as in the case of older individuals. In addition, a healthcare directive could become important of their needs to be a person to make medical decisions for an adult child who has been in an accident. Without estate planning documents in place, the decision may not fall to the parent.
There are many options available for people in need of estate planning in Nevada, regardless of their age. However, there are some common tools that may best fit the needs of young adults such as a will and power of attorney. To ensure that all of the estate planning needs are met, a careful review of the estate as well as the available options may be important when planning to leave for college and a new stage of life.
Source: nbcnews.com, "Even young adults should start estate planning," Sheyna Steiner, May 6, 2013