As an estate planning lawyer in Michigan, I help my clients create their wills, set up Powers of Attorney for financial management and medical decision-making, and help them create trusts to protect their assets. One thing I also counsel them on: creating an estate plan for their young adult/teen children.
Your 18-year-old may be leaving the nest to go to college, starting their first “real job,” and/or be moving out of the home for the first time. It’s time to have “the talk”. No, not that talk – the one about medical care, financial responsibility, debt, and digital protection.
Is Your Young Adult Protected?
In Michigan, an 18-year-old is considered an adult. As a parent, you no longer automatically have access to help with their medical needs or manage their finances unless you put a proper plan in place. The frightening truth is that most 18-year-olds / young adults will not be able to receive help from their parents if they are targeted by a financial scam, end up in the hospital, or get into financial trouble.
Most young adults don’t even consider getting a will until they’re married or have children. A will is something that “old people” need, right?
Wrong. You never know what is going to happen in life. In the best-case scenario, creating an estate plan early can help young adults understand the importance of this valuable legal protection. In the worst-case scenario, having an estate plan in place can help your family make medical and financial decisions quickly in the case of an emergency, with the full backing of the law.
Ask an Estate Planning Lawyer in Michigan for Help
Your estate planning lawyer in Michigan can help you navigate any concerns you may have around:
- Healthcare – are your young adults still covered by your insurance? As parents, are you still legally allowed to schedule and discuss doctors’ appointments? Do you have Healthcare Insurance Portability and Accountability (HIPAA) documents in place?
- Finances – who is able to access financial accounts in case of emergency? Are you able to transfer funds to and from their accounts when needed?
- Digital protection – although no young adult wants to give their parents keys to the social media accounts, a basic estate plan can be set up to grant parents or guardians access to social media and digital accounts in case of emergency.
- Emergency care – who do they trust to make decisions about medical care or life saving treatments?
Create a Basic Estate Plan with Your Young Adult
Visit an estate planning lawyer in Michigan with your 18+-year-old to put a basic estate plan in place. It doesn’t cost much, and it can be invaluable in case of an emergency.
A Basic Estate Plan includes:
- Durable Health Care Power of Attorney naming who is responsible for medical decisions
- Durable Power of Attorney responsible for financial management if you are unable to handle financial affairs.
- Living Will outlining wishes regarding life-support or other care they may wish to receive or avoid in case of a terminal illness or vegetative state.
- Provisions for digital assets and accounts
- Assistance with health insurance coverage and/or HIPAA documents.
You Can’t Afford Not to be Protected
There are many benefits to creating an estate plan early. While no one wants to consider a worst-case scenario, the sad truth is that they happen. And while a Power of Attorney or Will won’t be your first consideration, you’ll be glad the powers are in place to protect your child when they need it the most.
Stephanie Krane-Boehmer – Affordable, Reliable, Trusted Estate Planning Lawyer in Michigan
Want to learn more? Reach out to Stephanie Krane-Boehmer for a free consultation to discuss what makes sense for you and your young adult.