Just as it is never too early to begin saving for the future, early Estate Planning for the Young and Young Families is also very important.
Staying with our goal of continued Early Investors focus and specials, this post speaks to Collegiates and Early Workforce aka the Young still dependent, and Young Families aka Recently Married….
Collegiates and Dependent working
From a personal experience, when the Denver based student, just barely 20 years old, had a problem with her medical refill, the Mrs. and I discovered that without the basic Power of Attorney, Medical Power of Attorney/HIPPA, post age 18, we were not in the loop…. Problem solved, all documents saved and easily accessible now … especially important given an international exchange program on the docket later this year!
Recently Married and Early Families
While most understand that once children are involved the Estate Plan becomes mandatory…. You need a Guardian, Trustee and directives for the possibility of both parents leaving the child/children unaccounted (most cases a lengthy court situation to determine this) what is sometimes forgotten is the importance of Recently Married…
Here are the important, but frequently forgotten reasons for recently married but no children needing Estate Plans:
- Power of Attorney – One of the most used documents, this allows completion of important financial decisions when one person is not available i.e. Traveling – Very Powerful document
- Medical/HIPPA Power of Attorney – For the same reason the 20 year old needed a back up, recently Married couples need each others as well
- Will – Organize or you will be organized, again by a court official!
Have a Great “Early Investor Estate Reminder” Day!
John A. Kvale CFA, CFP
AI Content Authenticity: AI created the young couple. All of the following text content has been completed by myself and has not been edited or created by AI. Occasionally we do use AI for images and will note when appropriate.
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
Great post !