New York estate planning lawyer Yana Feldman (https://yanafeldmanlaw.com/estate-planning-for-young-adults/), of New York Legacy Lawyers, has just released a detailed and insightful article titled ‘Estate Planning for Young Adults’. The comprehensive guide is an invaluable resource for young adults and their parents, illustrating the importance of early estate planning and the critical role played by an estate planning lawyer in ensuring that all legal aspects are correctly navigated.
Yana Feldman, a renowned New York estate planning lawyer, begins the article by explaining that estate planning isn’t only for the elderly or wealthy; it is equally vital for young adults. As individuals turn 18, they become legally responsible for their financial and health decisions.
“Most people associate estate planning with older adults,” says the New York estate planning lawyer. “However, the need for young adults to have a strategic plan is equally important. It’s about empowering them to make informed decisions about their financial and health affairs.”
The article provides a deep dive into the vital documents included in the advanced directives packet. The packet comprises four key documents: Power of Attorney, Health Care Directives, FERPA Authorization, and HIPPA Release Form. Each of these legal tools serves a unique purpose in safeguarding a young adult’s future.
“Having these directives in place allows young adults to designate a person of their choice, usually a parent or close relative, to legally access their medical and education records, and assist with health and financial decisions in case of unexpected events or incapacity,” says Yana Feldman.
Feldman explains the Power of Attorney in simple terms: a legal document that enables a trusted person to assist with financial and legal decisions. This tool can serve as a safety net for young adults who may encounter unexpected events, ensuring that their affairs are managed according to their preferences.
The New York estate planning lawyer also discusses the Mental Health Power of Attorney, a document that, in the event of the principal becoming unable to make decisions for themselves, empowers a trusted agent to make mental health treatment decisions on their behalf.
The article also emphasizes the significance of a Health Care Proxy for college students, a legal tool that enables a designated individual to make medical decisions if the student is unable to do so. Similarly, Feldman discusses Health Care Directives, which consist of instructions for emergency medical situations, and the FERPA Release, a document that grants parents the ability to access their child’s academic records.
Feldman then shifts its focus towards estate planning for young professionals. Despite the misconception that estate planning is only for older individuals or those with assets, Feldman emphasizes the importance of tools like Power of Attorney and Advance Directive for healthcare for young professionals.
She also underscores the necessity of creating a will or trust, explaining that without a plan, the law determines the distribution of assets. Having a will allows young professionals to decide on the allocation of their assets, and a trust can ensure that assets are distributed according to their preferences.
The article is a must-read for young professionals, their parents, and anyone interested in understanding the importance of early estate planning. For more information, visit the New York Legacy Lawyers website.
About New York Legacy Lawyers:
New York Legacy Lawyers is a leading estate planning law firm based in New York. With a team of dedicated legal professionals led by Yana Feldman, the firm is committed to providing comprehensive estate planning services. Believing in the importance of planning ahead, the firm strives to help its clients navigate the complex legal landscape. The team has a passion for helping young adults understand the significance of early estate planning and aims to provide clients with the knowledge and tools they need to safeguard their future.
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