Many parents mark the transition from teenager to adult with a party, a new car, a trip abroad, or, sometimes, a security deposit for their first apartment. What type of gift do you wish to bestow upon your child at this important benchmark in their lives? While most new adults would love the immediacy of one of the gifts listed above, they’ll come to appreciate a different kind of gift as well.
As your adult child begins his or her life, he or she needs to have three important documents prepared. The first is a Will and perhaps a trust if appropriate. The second is a durable power of attorney. The third is an advanced directive for healthcare or medical power of attorney. In truth, these three invaluable documents are a gift for both you and your new adult family member. Why? Because in every state, once they reach the age of majority, you will no longer be in a legal position to make the medical, financial, and legal decisions for them that you’ve both become accustomed to your handling.
These three critical documents ensure that, if, at any point, your adult child gets sick or sustains an injury, and can no longer make his or her own medical decisions, you or the designated agent can step in and make the necessary decisions to allow him or her to receive the necessary treatment. If he or she becomes unable to handle his or her own financial affairs, you or the designated agent can step in and manage their assets. Lastly, a Will means that in the unfortunate event your child precedes you in death, his or her assets are distributed according to his or her wishes. Finally, these documents mean you can avoid costly, time-consuming court battles if any of these situations arise.
Schedule an appointment with us to discuss your needs and to learn more. Hopefully, you won’t need to use any of these documents, but you’ll both be glad they’re in place if you do. At Grissom Law, LLC, our experienced estate planning attorney will help you complete each of the trio of documents you need to give you and your child peace of mind.
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