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Estate planning often seems like a task for older generations, but Chace Campbell, an experienced attorney, offers a different perspective. In a recent episode of Intelligent Money Minute, Chace highlighted the importance of starting the estate planning process as early as age 18. From legal guardianship changes to healthcare decisions, Chace provided valuable insights on why young adults and their families should be proactive about estate planning.
The Right Time to Start
According to Chace, the optimal time to begin thinking about estate planning is when an individual turns 18. Before that age, parents have legal guardianship and can make medical or financial decisions for their child. However, once a person turns 18, they are legally considered an adult, and parents lose the ability to make those decisions without proper legal documentation.
Chace explains, “The moment that child turns 18, parents are no longer able to handle any of the child’s affairs, financial or health.” This means that in the case of a medical emergency, if an 18-year-old does not have a power of attorney in place, parents may need to go through an expensive and time-consuming probate process just to speak on behalf of their child.
Essential Documents for Young Adults
For young adults, Chace recommends having at least three key documents in place:
- A Simple Will: While this might seem premature, a will ensures that any assets or responsibilities are handled according to the individual’s wishes.
- Power of Attorney (Financial): This durable document allows a trusted person, often a parent, to manage financial matters if the young adult is incapacitated.
- Healthcare Power of Attorney: This document ensures that someone can make medical decisions if the individual is unable to do so. In scenarios such as a car accident or coma, the absence of this document can leave parents unable to consent to vital medical treatments due to legal and HIPAA restrictions.
Here’s a compelling example: “A junior in college gets into an accident and ends up in a coma. Without a healthcare power of attorney, the parents are left helpless, unable to even talk to the hospital staff about their child’s condition.”
Understanding Power of Attorney
Chace further explains the two primary types of power of attorney—financial and healthcare. The durable power of attorney refers to a document that remains effective even if the individual is incapacitated, which is critical for both financial and medical decisions. In many cases, these documents include language that covers end-of-life decisions as well, simplifying the estate planning process.
In some states, healthcare power of attorney and end-of-life planning documents are separate, but Chace notes that in South Carolina, the two have been combined into a single document, allowing the appointed person to handle all medical decisions, from routine procedures to end-of-life care.
Why Early Estate Planning Matters
Chace’s advice is clear: estate planning isn’t just for the elderly. “Before you turn 18, you should be making an appointment to visit an attorney,” he emphasizes. Even though it might feel early, having these essential documents in place can provide peace of mind for both young adults and their families.
As Chace concludes, estate planning is about preparedness—ensuring that loved ones are legally able to help when needed. With the right steps, individuals can avoid legal hurdles and ensure that their wishes are honored in any situation.
For families looking to start the estate planning process, it’s never too early to consult an attorney and make sure these vital documents are in place.
Stay tuned for more interviews with Chace, where we’ll dive deeper into his expertise and the valuable lessons he has to share with our intelligent investing audience, so be sure to subscribe to our Intelligent Money Minute podcasts.
Schedule a short discovery call or meetingChace Campbell Bio
Chace is a seasoned legal professional with over 20 years of experience in estate planning, business law, and probate. He began his career in 1997 at Culp, Elliot, and Carpenter, P.L.L.C., focusing on tax and corporate law before discovering his passion for family law, probate, and small businesses in 2002.
Chace is renowned for his exceptional communication skills and careful listening. He is dedicated to helping clients navigate complex legal landscapes, providing comprehensive understanding and effective resolutions through litigation, mediation, negotiation, or forward planning. He emphasizes both resolving and preventing legal issues, offering accurate information, honest advice, and concrete action steps.
Outside of work, Chace enjoys time with his wife Michelle and their three children, preparing for outdoor adventures at REI, and indulging in his passion for coffee.
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