Monday, June 9, 2014
Surrounding the mixture of excitement and chaos that comes with a child turning 18, estate planning is often not on the to-do list next to shop for dorm room supplies or getting them moved into their first apartment. Since many 18-year-olds do not own a substantial amount of property, they and their parents are not considering estate planning as a critical step in them transitioning into adulthood. However, a Medical Power Attorney and a General Durable power of Attorney should be created by the newly legal adult so that the parents can still access needed information and provide required assistance for the child in case of emergencies.
See Lauren Keenan Rote, Planning for Your Eighteen Year Old: What You Need to Do Now May Surprise You, BKK Wills, Trusts & Estate Newsletter, May 2014.