As parents, you take the responsibility of your 18-year-old’s future seriously. Now is the time to sit your son or daughter down and have a serious talk with them. Plan to discuss their health and health care directives, current and future finances, pending retirement, will, living will, etc. Of course, they may see these things as being part of the distant future, but you understand the need to settle these issues in the present day. This important talk is the perfect time to help your family’s newest adult member understand the importance of three crucial documents.
- A Will
A Will allows your family’s new adult to make their own decisions on the disposition of their assets upon their demise. While that is far off in the future, a Will can be regularly updated to reflect their changing financial picture as they matriculate life and move into careers. - A Health Care Directive
A health care directive allows your son or daughter to authorize you to make decisions about their healthcare in the event they are unable to do so. Should they become incapacitated, you’ll be able to request, withhold, or suspend any medical care or treatments. Additionally, the document typically includes a HIPPA release that allows the agent access to medical information. - A Retirement Plan
Creating a retirement plan means outlining their income needs during their retirement years and mapping out a plan to reach those income goals. It’s a strategic way to identify income sources, develop an investment account, and implement savings goals.
Estate Planning can never start too early. Turning 18 is a rite of passage for most young people. It’s the time they feel ready to spread their wings and begin the adult portion of their lives. It’s also the time they become legally responsible for their lives. That means they can now enter into legally binding contracts on their own. They can sign a lease, open a credit card, and obtain a driver’s license with no input from their parents. This new legal standing is exactly why they need you – at 18 and beyond – more than they did as a small child. When you’re ready to have this important conversation, call Grissom Law, LLC. We have the estate planning expertise every member of your family can count on.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.