What do you plan on giving your adult children this holiday season? Electronics, clothing, books and movies may top the list for young adults in Maryland. However one overlooked -- but incredibly important -- gift you could give is the gift of estate planning.
Many young adults have not given much thought to estate planning. However, drafting a will, as well as a HIPPA release,power of attorney and an advanced health care directive is very important. After all, no one can predict the future, and tragedy is no respecter of age. Whether it is through a car crash or an unexpected illness, even a young person could become incapacitated or pass away.
That being said, many young adults may think they still have time for estate planning. In addition, they may not feel they are able to afford the costs associated with estate planning. While it may be tempting to try to create estate planning documents on your own, by working with an attorney you can ensure that all i's are dotted and t's are crossed, so that a solid and comprehensive estate plan is in place.
For all of these reasons, parents of adult children may want to encourage their children to consider estate planning. This is especially important if their children also have children. A well-drafted estate plan can establish who is to make health care and financial decisions should one become incapacitated and it can make sure future generations are provided for. Those in Maryland who have not considered estate planning may want to view it as the gift they give themselves this holiday season.