While estate planning often focuses on older individuals, young adults also benefit significantly from having a plan in place. Two crucial aspects of this plan for young adults are an Enduring Power of Attorney (EPA) and an Appointment of Medical Treatment Decision Maker (AMTDM). While these terms sound complex, understanding their purpose and importance will empower you to make informed decisions about your future well-being.
What is an Enduring Power of Attorney?
An EPA allows you to appoint a trusted individual (your attorney) to make financial and personal decisions on your behalf if you become unable to do so due to illness, injury, or incapacity. This ensures your bills are paid, property is managed, and financial decisions are made according to your wishes, even if you're temporarily or permanently unable to do so yourself.
Why do Young Adults Need an Enduring Power of Attorney?
While young adults might not have extensive assets or complex financial situations, unexpected situations can arise anytime. Accidents, illnesses, or even mental health crises can leave you temporarily or permanently unable to manage your finances. Having an EPA ensures your financial affairs are handled responsibly and according to your wishes during such unforeseen circumstances.
What is a Medical Treatment Decision Maker?
A medical treatment decision maker is someone you designate to make healthcare decisions on your behalf if you cannot communicate your preferences due to illness, injury, or unconsciousness. This ensures your medical care aligns with your wishes and values, even when you cannot speak for yourself.
Why do Young Adults Need a Medical Treatment Decision Maker?
Accidents and unforeseen medical situations can occur at any age. Having a designated medical treatment decision maker empowers you to ensure your preferences for medical care are understood and respected even if you cannot communicate them yourself. This relieves your loved ones of the emotional burden of making such crucial decisions and provides assurance that your healthcare aligns with your wishes.
Taking Action
Estate planning might seem like something for the distant future, but taking action now provides peace of mind knowing your future is secure. Here's what you can do:
- Research: Learn more about EPAs and AMTDMs in your State.
- Choose your trusted individuals: Select individuals you trust implicitly to handle your financial and medical affairs responsibly. Have open conversations with them about your wishes and expectations.
- Seek professional guidance: Consult with an estate planning lawyer to ensure your documents are legally sound and reflect your specific needs and wishes.
Remember: Estate planning isn't about anticipating the worst; it's about taking control of your present and securing your future. By taking proactive steps today, young adults can ensure their well-being is protected, and their wishes are respected, no matter what life throws their way.