ESTATE PLANNING FOR YOUNG ADULTS
Your child is now 18 and enjoys most privileges of adulthood. One of those is the privilege of privacy. As a parent, you no longer can learn your student’s grades or job evaluations. Closed are medical records and financial files.
You – his or her parents – are just another stranger as far as hospitals, banks, schools, and other institutions are concerned.
Should your son or daughter become injured or ill, you have no more rights than anyone on the street to help make a medical decision or pay a bill.
Now is the time to have your adult child execute two simple documents that would allow you – his and her parents – to act should the child become unable.
- Patient Advocate Designation – This becomes operative only when the signer is unconscious or incompetent. It allows a parent to intervene and make medical decisions for an adult son or daughter who cannot make decisions due to illness or injury.
- Financial Power of Attorney – Empowered either upon necessity or upon signing, this document allows a parent to handle an adult child’s financial matters – dealing with college financial aid offices, hospital billing departments, veteran benefits offices, Social Security Administration, and other institutions.
Before your son or daughter heads off to college, the military, or the world of work, suggest they execute documents that will allow you to help them when they can’t act for themselves.
Call me at 231-725-4200 for an appointment.