Estate Planning Begins at 18
Did you know when your child legally becomes an adult, you lose the power to make medical and financial decisions on their behalf, even in an emergency?
When your child turns 18, they legally become an adult. This is often a celebrated milestone in a child’s life and usually a moment of pride but also worry on the part of parents. After all, most parents remember what it was like to be 18 and that makes worrying seem justified. One way to ease some of that worry is to ensure that you’re capable of helping your child even in moments where they cannot help themselves.
Two important documents can assure you’re legally able to make financial and medical decisions in your child’s best interest if they ever become incapacitated and can’t make those decisions on their own:
- Power of Attorney – this document allows the 18-year-old to appoint agents, usually their parents, who will be able to make financial decisions for them if the new adult cannot.
- Living Will (also known as an Advance Directive with a Healthcare Proxy) – this document allows the 18-year-old to appoint someone to make medical decisions for them if the new adult cannot and includes the medical care that the new adult would and would not want.
Without these documents, a parent or guardian would have to go to court and request permission to make decisions for their adult child, which can be expensive and time-consuming. If you’ve recently turned 18 or you have a child or loved one who has, the Price and Price team can help you with both of these documents today!
