When a person turns18 years of age, and has no assets, should they do a Will and related documents, or should they wait until they have assets or children?
a. Complete the documents at age 18
b. Wait until they have assets
c. Wait until they have children
d. Wait until they are at an older age, when these documents may be more likely to be used
The preferred answer is “a,” which is to do the documents at age 18. Who will be the one in charge of their estate, if they do not designate a person of choice? It is uncertain, and more expensive, to require the court to go through the charts of who should be the person, and then choose the best person to be the administrator. The 18-year-old should make their own choice, as those duties will include sorting out all of the affairs and making appropriate plans.
A young person may also have difficulties where they are injured, such as in a car accident, need medical attention, and be incapacitated for some time. These documents are called Powers of Attorney, and deal with property and personal care. They can also make organ donor choices that could be very important to others, and have these recorded in the Power of Attorney for Personal Care.
At DeRusha Law Firm, if the parents have engaged our firm to do their respective Wills and documents, the documents of their child or children, between the ages of 18 and 24, may be done simultaneously, at a reduced cost of 50% of the usual cost.