Monday, February 25, 2013
Estate Planning - Regardless of Age
local news story helps provide another sad example of why it is important to establish some basic estate planning, regardless of your age. A young lady was involved in an automobile accident that has left her in a coma and unable to deal with her personal affairs. As a result, her friends and family are struggling with the financial restrictions of getting access to her accounts to deal with various matters.
Two relatively simple documents-Financial Power of Attorney and Medical Power of Attorney-would have made this job much easier and cheaper. The cost for getting these basic and essential documents in place is minuscule when compared to having to go to court to establish a guardianship and/or conservatorship for someone in this situation. Commonly younger individuals don't realize the need or importance for such documents as they are young and immortal, or believed to be less likely to have a need for these provisions. Unfortunately, that isn't always true. (One minor correction to the news story: a Living Will is not the proper title for the document needed here, but rather the power of attorney documents noted. A Living Will is the "pull the plug" declaration for end-of-life decisions.)
Thoughts and prayers to her friends and family as they seek to help her out. Please consider helping this young lady out.