Why Is Estate Planning Necessary to Consider as You Graduate From High School in Texas?

As young adults in Texas step into a new chapter of their lives after graduating high school, estate planning often gets overlooked. While the idea of estate planning might seem far off for someone just graduating, there are several key reasons why getting at least a few documents prepared to protect yourself in emergency situations is important. Below, our Texas estate planning lawyers answer the question, “Why is estate planning necessary to consider as you graduate from high school?”

Why Is Estate Planning Necessary for High School Graduates?

At 18, you are a legal adult under Texas law. You can now vote, join the military, and get married. In addition, you can open a bank account, enter into contracts, and make your own healthcare decisions. You become responsible for your legal, financial, and medical choices and actions.

When you were a minor, your parents or guardians were responsible for making medical and legal decisions on your behalf. However, at 18, they no longer have the right to make medical or legal decisions for you without your consent. They also lose their automatic access to your financial and medical information.

While you may be excited about the privacy and independence from your parents, it is important to set up a plan to protect yourself in emergencies. A few reasons why it is important to prepare estate planning documents include:

#1: Prepare for Medical Emergencies

Once you turn 18, your parents or guardians no longer have the automatic authority to access your medical information or make medical decisions for you. By establishing certain estate planning documents, you can ensure that if a medical emergency occurs, you have loved ones you trust who are able to access your information, make treatment decisions on your behalf, and help you when you need it most.

A medical power of attorney is a critical legal document that lets you designate one or more people you trust as your medical agents. Your medical agents can advocate for you and make medical decisions on your behalf if you cannot do so yourself.

Additionally, we recommend preparing a HIPAA release. The Health Insurance Portability and Accountability Act (HIPAA) protects your medical records and personal health information. However, in medical emergencies, these protections can prevent your loved ones from getting the information they need to make informed decisions about your care.

A HIPAA release form allows you to authorize your healthcare providers to share your medical information, health status, and treatment with the people you list on the form. This document ensures that your medical agents can get the information they need to make informed choices about your care. It also enables your loved ones to receive updates from your doctors if you are unconscious or incapacitated, so they are not left in the dark about your condition.

#2: Meet Your Financial Obligations

As you begin navigating financial independence, it is essential to have a plan for your financial obligations if you cannot manage them yourself due to unforeseen circumstances or emergency situations. A financial power of attorney is a legal document that lets you appoint someone you trust as your financial agent. Your financial agent can handle and manage your financial matters on your behalf.

You can choose whether your financial agent can act for you any time or only if you are incapacitated. However, having one in place can prevent legal issues and financial penalties by ensuring that your financial obligations are covered even when incapacitated.

Whether you select your parents as your financial agents or another trusted loved one, they can handle a wide range of financial matters. For example, they can access your bank accounts, pay your bills, renew your car registration, and sign your taxes.

#3: Plan for the Future

While it may seem premature for a high school graduate to have a will, life is unpredictable. A will can provide a clear plan for your loved ones about your estate, alleviating stress and preventing potential disagreements after you pass away.

A will lets you specify how your assets and personal belongings should be distributed upon your death. Without a will, your estate would be subject to Texas intestacy laws, which determine how to divide your assets. Texas law may not align with your wishes.

For young parents, having a will is especially important. It allows you to appoint a guardian for any minor children or dependents you have. In the unfortunate event of your passing, this ensures that someone you trust cares for your children rather than leaving this critical decision up to the court.

Use Estate Plan Express to Create a Simple Texas Estate Plan

Our Estate Plan Express service makes planning for and safeguarding your future easy. You can create an account on our estate planning portal from the comfort of your home. Once you create an account, you can access our user-friendly and guided questionnaire. Using the questionnaire, you can tell us everything we need to know to create a simple estate plan for you.

Once you submit your questionnaire, we will review your answers. Then, our experienced Texas estate planning attorney will prepare your essential estate planning documents. Our Estate Plan Express service includes the following four documents:

• Will
• Medical power of attorney
• HIPAA release
• Financial power of attorney

We will provide clear instructions about how to legally execute your documents at your convenience. Our service also includes six months of free revisions, excluding converting to a different plan. We can ensure that your estate plan stays up to date with your needs and goals.

Plan for the Future Today Using Estate Plan Express!

Are you ready to prepare a simple estate plan to protect you in the event of unexpected emergencies? Visit our estate planning portal to create an account and complete our questionnaire.

If you have questions about estate planning, do not hesitate to contact a Texas estate planning lawyer from our firm. We are happy to answer your legal questions and discuss how we can help you create a tailored estate plan that meets your needs and goals. Call us at (888) 551-4101 or contact us online to schedule a consultation.