Where does the time go? Before you know it, your child is turning eighteen and moving into their first apartment. I am sure the last thing on your mind is their estate plan, but you should begin this type of planning as soon as your child becomes an adult. Many people think that they do not need to begin estate planning until they are in their older years, but that is false. The truth is, time flies and it becomes easier to procrastinate the longer you wait.
You may be wondering why estate planning should be a priority for your eighteen-year-old child. This is a good question; after all, your child does not own property or anything of extreme value. This is true, but once your child becomes an adult their rights change. They will legally have new rights, and these rights may not include you. For example, your child’s privacy changes as soon as they turn eighteen. You may have heard of HIPPA, this act requires a signature from your child before any of their medical records are released to you. It is important that you discuss this with your child, especially if they have life threatening medical problems that could affect their daily life.
Another important thing to discuss is a durable power of attorney. You may think this is only important for elderly people, but that is not the case. Once your child becomes an adult, a power of attorney should become a priority. More importantly, you may be wondering, what is a durable power of attorney? A POA is someone you trust to take care of your child’s financial, medical, and legal affairs. To learn more about this, you should speak to someone who specializes in estate planning.
In this life, we must think about the future. Every day is not a guarantee; therefore, we need to make sure we have our planning in order. Do not use age as an excuse to avoid planning.
