As parents, we do everything we can to protect our children—whether they’re young and at home or grown and navigating life on their own. While we may feel like our kids are ready to face the world as they head off to college or begin their careers, there’s an often-overlooked aspect of their future that can make all the difference in an emergency: estate planning.
Many people assume that estate planning is only necessary for those with significant assets or advanced age. But in reality, even young adults—especially those living away from home—can benefit from creating a basic estate plan that includes a power of attorney and healthcare directive.
Why Young Adults Need Estate Planning
It’s not about how much money or property your child has. Estate planning is about ensuring that, in case of an emergency, your child’s health, finances, and well-being are protected—whether or not they own a home or have a hefty bank account. For college-aged children, this type of planning is a smart safeguard as they step into more independent lives.
When they turn 18, your ability to make decisions for your child is limited. You may still be the one they turn to for advice, but in medical or legal situations, they’re considered adults. If something happens and your child becomes incapacitated, you may not be able to make decisions on their behalf without proper documentation in place.
The Power of a Power of Attorney
One of the most important tools for young adults is a power of attorney (POA). A POA gives you or another trusted person the ability to make financial or legal decisions for your child if they are unable to do so themselves. This is critical for situations like accidents, illnesses, or even situations where your child might be traveling abroad.
Having a POA in place ensures that if an emergency arises, you can quickly access bank accounts, manage their finances, sign documents, or take other necessary actions—without having to deal with lengthy legal proceedings or red tape. It’s not just for wealthy individuals; any young adult can benefit from this legal tool, as it helps streamline handling urgent matters when your child is unable to manage them themselves.
The Importance of a Healthcare Directive
Just as a POA helps with financial and legal matters, a healthcare directive (also known as a living will or healthcare power of attorney) is an essential part of emergency planning. If your child becomes incapacitated or unable to communicate their wishes due to illness or injury, a healthcare directive lets you step in to make medical decisions on their behalf.
Without a healthcare directive, the hospital may not allow you to make critical healthcare decisions for your child, even if you are the one they would rely on in such a situation. By setting this up, your child ensures that someone they trust can make the right decisions in line with their preferences for medical care.
The Gift of Peace of Mind
While no one wants to think about emergencies or medical crises, the reality is that they can happen to anyone, at any time. Having a young adult emergency plan in place offers peace of mind—not just to your child, but to you as a parent, knowing that if something goes wrong, you’ll be prepared.
It may not seem like a traditional gift, but giving your college-aged child the tools to navigate life’s unexpected challenges is one of the best presents you can offer. It’s the gift of security, health, and protection—the kind that lasts far beyond any birthday or holiday.
Get Started Today
Setting up a power of attorney and healthcare directive for your young adult is simple and can be done in a relatively short amount of time with the help of an experienced attorney. It’s an investment in your child’s future that will serve them well throughout their adult life.
If you’d like to learn more about creating a young adult emergency plan for your child, contact us to schedule a consultation. We’re here to help you safeguard their future, no matter what.
