Estate Planning for Young Adults

On this episode of A Wiser Retirement Podcast, Casey Smith is joined by Nick Rosenbauer, Estate Planning Attorney. Nick is founder of The Rosenbauer Law Office, LLC in West Chester, Ohio. Nick is also the host of the Complete Estate Planning podcast. They talk about the importance of a power of attorney, guardianship, privacy for young adults, and estate planning for crypto investors. They also explain the importance of having a master list for your passwords.

Listen on Apple Podcasts or watch on YouTube:

SUMMARY:

The Importance of a Power of Attorney

It is important to have a power of attorney at a young age because the future is unknown. For married couples, your spouse should be able to make decisions in emergency situations. Having someone who can speak with your doctors or receive your assets is essential. Overall, a power of attorney can help you avoid family conflict and prepare for the future.

Choose a Guardian for Your Children

Choose a guardian for your children in advance to avoid probate. It is important to decide ahead of time who you want that legal guardian to be in case of your absence. Without a decided guardian, the children may end up in foster care or with adults that do not have legal rights to your children. If there are no legal documents, the process can be time consuming and expensive. However, if there are legal guardianship documents in place, the process could be much smoother.

Estate Planning for Young Adults

At 18 years old, young adults assume the responsibility to make medical decisions for themselves. It is important for young adults to have a medical directive, power of attorney, and complete HIPAA authorization since privacy laws are strict. If this is prepared in advance, the parents can make medical and financial decisions as well as access medical information. Some estate planning attorneys even have young adult programs that suit these needs. You’re never too young to begin this process! Reach out to an estate planning attorney early on and prepare as much as possible.

Estate Planning for Crypto Investors

It is important to set a beneficiary for your digital assets, including your social media accounts. Make sure your estate planning attorney knows the current state and federal laws. Then, look to see if your digital asset and social media accounts have a beneficiary option. If so, set a beneficiary for each account. This will allow for a smooth transition in case of emergency.

Have a Master List of Password Information

Keep all your passwords in one spot for your power of attorney so it is more accessible for them. Helpful software for this would be something like LastPass or 1Password. This will help you protect your passwords on your devices and allow your power of attorney to have access to those accounts if necessary.

Download our white paper on “7 Steps to Leave a Financial Legacy”

TIMESTAMPS:

5:16 The Importance of a Power of Attorney

12:10 Choose a Guardian for Your Children

16:11 Estate Planning for Young Adults

21:01 Estate Planning for Crypto Investors

30:08 Have a Master List of Password Information

LINKS:

Learn more about Casey Smith and connect with him on Twitter.

Learn more about Nick Rosenbauer.

CONNECT:

Twitter, Instagram, Facebook, LinkedIn, and YouTube.

Learn more about A Wiser Retirement podcast and access previous episodes.

learn-more

Recent posts

  • When Helping Hurts: How to Set Financial Boundaries
  • Do you have to pay taxes on an inheritance?

Share This Story, Choose Your Platform!

Wiser Wealth Management, Inc (“Wiser Wealth”) is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). As a registered investment adviser, Wiser Wealth and its employees are subject to various rules, filings, and requirements. You can visit the SEC’s website here to obtain further information on our firm or investment adviser’s registration.

Wiser Wealth’s website provides general information regarding our business along with access to additional investment related information, various financial calculators, and external / third party links. Material presented on this website is believed to be from reliable sources and is meant for informational purposes only. Wiser Wealth does not endorse or accept responsibility for the content of any third-party website and is not affiliated with any third-party website or social media page. Wiser Wealth does not expressly or implicitly adopt or endorse any of the expressions, opinions or content posted by third party websites or on social media pages. While Wiser Wealth uses reasonable efforts to obtain information from sources it believes to be reliable, we make no representation that the information or opinions contained in our publications are accurate, reliable, or complete.

To the extent that you utilize any financial calculators or links in our website, you acknowledge and understand that the information provided to you should not be construed as personal investment advice from Wiser Wealth or any of its investment professionals. Advice provided by Wiser Wealth is given only within the context of our contractual agreement with the client. Wiser Wealth does not offer legal, accounting or tax advice. Consult your own attorney, accountant, and other professionals for these services.

Sign up for our newsletter!

Our latest blogs, podcasts, and educational videos delivered to your inbox weekly.