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.
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.
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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
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