Young adults need an estate plan – just like anyone else. Estate planning is for everyone, regardless of your age or education. As your child packs their bags, ready to step into his or her new life, we’re sure you feel a mix of pride and worry. Your child turning 18 is a significant milestone in anyone’s life and is just as important for you as a parent.
Among the long list of preparations, one item typically flies under the radar is the importance of having an estate plan. This is especially important for young adults to have a proper plan in place.
Entering Adulthood: More Than Just a Milestone
Turning 18 means that your child is a legal adult and that is a big deal. As a parent, it means that their lives are changing – and so is yours. Now, they can manage their own affairs and responsibilities, which is something that would typically fall upon you to handle. This change is about more than just the right to vote or enlist in the armed services. It also affects healthcare decisions and money matters.
As a minor, you managed your child’s affairs, including choices about their finances and healthcare. Now, at the age of 18, they’re in charge. As a result, you no longer have access to their medical records without their permission and they also have to manage their own money.
This new chapter means it’s time for some important conversations. Your child needs to understand their new rights and responsibilities. They also need to consider setting up legal documents. These include a healthcare directive and a durable power of attorney. These documents let them decide who can make decisions for them if they can’t.
For a young adult, this can be overwhelming, but it is a necessary step in this new chapter of their life. It’s also about making sure you have peace of mind knowing that there is a plan in place – if it’s needed.
Young Adults: We Can Help
If you have a child who is turning 18 or has just become an adult, we can help you (or them) get setup with the necessary documents for this important stage in their lives. If you have any questions, please reach out to our caring staff by calling (817) 899-3286 or by using our contact page. We are here to help you and your children navigate these changes.
Why Estate Planning Matters Now
Estate planning isn’t just for the wealthy or the elderly. It’s an important tool for anyone, at any age, to have control over their financial and health-related decisions. For your 18-year-old heading off on their next adventure, it’s about ensuring they have the necessary documents in place to protect them in case of an unforeseen event.
Here are a few reasons to consider estate planning for your young adult:
- Health Care Directive: A document that allows your child to appoint someone to make healthcare decisions on their behalf, should they become unable to do so.
- Durable Power of Attorney: This enables your child to designate a trusted individual to manage their financial affairs.
- Privacy Regulations: Once your child turns 18, you no longer have automatic access to their medical records due to privacy laws. Having the right documents in place can ensure you’re not left in the dark.
Preparing for the Future, Today
It’s a conversation worth having sooner rather than later. Estate planning provides peace of mind, knowing that both you and your child are prepared for whatever life throws your way. It’s about protecting their independence while ensuring that you can step in when they need you the most.
Take the Next Step
The journey of adulthood is filled with excitement and new experiences. As your child embarks on an adventure, make sure they’re fully equipped with a solid estate plan.
Interested in learning more? Whether you’re setting up an estate plan for the first time or updating an existing one, our team is here to guide you through every step of the process. Contact McGee Law Firm today at (817) 899-3286 or visit our contact page to schedule a consultation. Let us help you secure a future that’s as bright as the aspirations of the young adult in your life. Young adults need to protect their future, even if it’s for the sake of their parents’ peace of mind.