Moving in Together After College? Consider an Estate Plan

Overview: Moving in together after college often marks the start of a new stage of adulthood, making it a good time to think about estate planning. A Washington estate plan can name who will handle medical and financial decisions for you, outline your healthcare wishes, and provide instructions for what happens if something unexpected occurs. Even early in life, these documents help create peace of mind for you and the people closest to you.

Congratulations on your college graduation! Graduating is an important milestone and an entrance into adulthood. For many Washington state residents, that means moving in with a romantic partner. While it’s exciting to pick out a new space, furniture, and window treatments with someone you love and perhaps envision marrying one day, it also means it’s a smart time to turn your attention to your estate planning, given where you are in your life right now.

If you don’t already have one, creating an estate plan after college, even while still in your twenties, as you and your romantic partner prepare to move in together, can offer protections you might not have thought of in the event of the unthinkable. This is how.

A Point Person Will Have Access to Your Financial and Legal Affairs

If something unexpected happens and you’re unable to manage your own finances, who would step in? Many young adults assume that a parent or partner can automatically handle their affairs, but that is not how Washington estate planning law works. Sharing a home or paying bills together won’t give your partner the authority to make financial or healthcare decisions for you if you should be unable to do so for yourself.

Financial Power of Attorney

Without a durable financial power of attorney, for example, even someone close to you may have to go through a costly and time-consuming court process before they can pay your bills, access your bank accounts, or handle other financial responsibilities on your behalf. These are unnecessary delays.

A comprehensive Washington estate plan includes a durable financial power of attorney that allows you to choose someone you trust to act for you if you become incapacitated. That person, sometimes called your agent or proxy, can take care of important financial tasks while you focus on your recovery.

Healthcare Power of Attorney

Then there’s the healthcare power of attorney, which allows the person you name to make medical decisions on your behalf. The people holding these two roles need not be the same, and it’s important to choose individuals you have confidence in to fulfill their responsibilities under pressure. Before naming someone in your estate plan, it can, therefore, help to get their buy-in.  ​

HIPAA Authorization

You should also consider signing a HIPAA authorization, which allows your chosen person to access your medical information and speak to your healthcare providers. Once you are over 18, a medical provider cannot speak to anyone except you without this document, not even your parents.

Whether you choose a parent, sibling, close friend, or your partner for one or all of these positions, naming someone in advance gives you control over who makes financial and healthcare decisions if you cannot. An experienced Seattle estate planning attorney can help you create documents that reflect your wishes while complying with Washington law.

You Give Your Loved Ones Clear Instructions to Follow

The last thing you will want in a crisis is for your loved ones to be without proper guidance.

Advance Directive

If you are near death, an advance directive, sometimes called a living will, allows you to state your wishes for end-of-life medical care if you are terminally ill or permanently unconscious and unable to communicate. It can address decisions about life-sustaining treatment, artificial nutrition and hydration, pain management, and other medical interventions.

By sharing your preferences in writing, you provide guidance to your healthcare providers and also to the person you have chosen to make medical decisions on your behalf. Doing so helps reduce uncertainty for your loved ones during an emotional time and gives you peace of mind knowing your wishes will be honored.

Will

In the event you die, estate planning documents can provide clear instructions for your loved ones, including who will receive your property, via the person (or people) you name to administer your will, known as the executor. Without a will, Washington law will decide who inherits your assets, and the state’s intestacy laws will dictate the administration of your estate.

Even if you are starting your career and don’t own a home or have significant savings, chances are that you still have personal belongings, financial accounts, digital assets, and final wishes that someone may need to address if something were to happen to you. Working with a Seattle estate planning attorney to create a Washington estate plan can help your family and your romantic partner understand your wishes and make the estate administration process more straightforward during an already emotional time.

An Estate Plan Can Grow With You

Creating an estate plan after college doesn’t mean you’re making decisions that will never change. In fact, your estate plan should evolve as your life does. You may get married, buy a home, have children, start a business, go through a divorce, or lose someone close to you. Each of these milestones may call for updates to your estate planning documents.

Even if none of those major life events occur, it’s still a good idea to review your estate plan every three to five years. Laws change, your financial situation may change, and the people you have named to serve in important roles may no longer be the best choice.

Think of your estate plan as a living set of documents rather than something you complete once and forget about. By working with a Seattle estate planning attorney and reviewing your Washington estate plan regularly, you can feel confident that it continues to reflect your life, your relationships, and your wishes as the years go by.

What Happens in the Absence of an Estate Plan?

Every family looks different. You may have a wonderful relationship with your parents, or you may be closer to a sibling, a lifelong friend, or the partner you are planning to or have recently moved in with. That being said, the person or people you would want making healthcare or financial decisions for you may not be the same individual(s) the law will turn to if you have not put your wishes in writing.

If you become seriously ill or injured and cannot communicate, doctors will have to rely on Washington state law to determine who can make medical decisions on your behalf. That process may not reflect your personal relationships or your wishes. It can also create unnecessary stress or disagreement among the people who care about you.

By including healthcare directives, a healthcare power of attorney, and a financial power of attorney in your estate plan, you decide who will speak for you if you cannot speak for yourself. Working with a Seattle estate planning attorney allows you to have thoughtful conversations about your wishes and document them before a crisis ever occurs.

Speak to a Seattle Estate Planning Attorney About Your Washington Estate Plan

If you are expecting to move in with your romantic partner or have recently done so, our team of Seattle estate planning lawyers can discuss your wishes with you and create the appropriate documents. No two estate plans are the same, nor are the emotions that accompany them, which is why at Elise Buie Family Law, we take the time to get to know you and plan accordingly.

Because we are a full-service family law firm, we can also help you draft a cohabitation agreement, leaving you and your partner protected in the event life doesn’t go as planned. Call us today or schedule a convenient time to speak.

FAQs About Estate Planning for Couples Moving in After College

Do I need an estate plan if I just graduated from college?

Yes. Adults benefit from basic documents like a will, power of attorney, and advance directive, even early in life.

Does moving in with my partner give them legal rights to make medical or financial decisions for me?

No. Legal authority requires documents like a healthcare power of attorney and a financial power of attorney.

What estate planning documents should young adults in Washington have?

A will, financial power of attorney, healthcare power of attorney, HIPAA authorization, and an advance directive.

What is the difference between a will, a power of attorney, and an advance directive?

A will covers what happens after death. A power of attorney covers financial or medical decisions while the person is alive. An advance directive covers end-of-life care wishes.

If I do not have many assets, is estate planning still worth it?

Yes. It also covers decision-making, healthcare choices, and digital assets.

How often should I update my Washington estate plan?

After major life changes, or about every three to five years.

When should I meet with a Seattle estate planning attorney?

Anytime you start adulthood milestones, like moving in together or starting a career.