Happy Graduation! Where's Your Will? - Estate Planning for Young Adults

Estate planning (wills, powers of attorney and other documents) in Washington state is important for everyone over 18 and it is especially vital for young adults with divorced parents. When a young adult becomes incapacitated or dies, even if assets are limited, an individual must be appointed as a Guardian or Executor of the estate (or Personal Representative in Washington) to consolidate assets, sell certain items, pay off debts, and make decisions about how to handle remains.

In the case of incapacity, without effective health care and financial powers of attorney, a parent may need to petition the court to obtain Guardianship over an adult child. If a young adult has a preference of who makes health care and financial decisions for them if they can't do it for themselves, then it is essential that they have proper legal documents in place to provide their first, second and third choice for those agent roles. These decisions are best made with the advice and consultation of an estate planning attorney who can explain the various choices and scenarios that may play out in the future.

In the case of death, without a Last Will and Testament, certain Washington state probate statutes provide a path by which the "next of kin" may request to fill the role of Personal Representative.  If parents of young adults are married and/or on the same page about how to handle the situation, the process may be emotional, but not complex.  However, if parents are divorced, don't get along, or disagree over specific asset distribution, debt payment, or other estate administration issues, then it is vital that the adult child, or individual over 18, have their own Last Will and Testament to indicate their own preference of who should serve as Personal Representative.

Estate planning and probate issues vary state by state, so best estate planning techniques vary state to state as well.  When high school graduates head off to college, it's a great time for young adults to contact an attorney in the state they will attend college in to be sure they have health care power of attorney, financial power of attorney and a will in place that will be most effective for their state of residence. Documents from their home state would be valid as well, so discussing the various residency factors with the estate planning lawyer is also important.

We love to educate our clients about the options and techniques available to them as well as how estate planning, trusts and estates work. See some of our answers to frequently asked questions and common misconceptions on our website. For assistance with wills, revocable living trusts, powers of attorney, living wills, health care directives, community property agreements, and other estate planning issues, contact Megan Lewis Law, PLLC.