High school graduates don't usually consider an estate plan but perhaps they should.
Recent high school graduates may be in the market for estate planning, according to the Union Leader in "High School Graduates Have Estate Planning Needs."
High school graduates generally are thinking about going to college or getting a job but perhaps they should take a little time to also consider an estate plan.
According to the Union Leader article, recent high school graduates should do the following:
- Have Powers of Attorney Drawn Up – If a young person gets in an accident, it is important that someone be legally able to manage both their financial and medical affairs. Once a person turns 18 (in most states) parents can no longer do so without a general durable power of attorney and a health care power of attorney.
- Consider a Living Will – If a young person gets in an accident or gets seriously ill, he or she may not want doctors to take extraordinary steps to lengthen their life when there is no hope for eventual recovery.
- Get a Will – Most younger adults do not need a complicated will. However, a simple will is always advisable as it allows the recent graduate to decide who will get the possessions they do have and who will be in charge of wrapping up their affairs.
- Consider Life Insurance – If a recent graduate plans on getting private student loans, life insurance can be used to pay off the loans should something happen to the graduate.
An estate planning attorney can guide the high school graduate on preparing an estate plan.
Reference: Union Leader (June 24, 2016) "High School Graduates Have Estate Planning Needs."