Are Your Kids Turning 18? Here’s Why They Need an Estate Plan Before College

As the new academic year begins, many parents are busy preparing their children for the exciting journey of college life. This transition often marks a significant milestone as teens step into adulthood at 18, gaining new independence and responsibilities. One crucial aspect frequently overlooked during this period is the importance of estate planning for these young adults.

Why Complete Estate Planning for Young Adults

Turning 18 is a significant life change. Not only do your kids become legal adults, but you also lose the right to make decisions for them. From health care to finances, they're now in charge. This might seem scary, but an estate plan can help protect them.

Loss of Parental Rights: When your child turns 18, you no longer have the legal right to make decisions for them, including medical, financial, and legal matters. While they're becoming more independent, they might not be ready for everything that comes with being an adult. An estate plan can help protect them.

Financial Independence and Protection: Many young adults earn money from jobs, scholarships, or savings. An estate plan helps them manage this money wisely and protects it if something unexpected happens. A power of attorney can help someone you trust to handle their finances if they can't.

Medical Decision-Making: Even young people can get sick or have accidents. An estate plan lets you or someone else make medical decisions for your child if they can't. A living will tells doctors what kind of care they want or don't want.

Key Components of an Estate Plan

Advance Health Care Directives: Once your child turns 18, you no longer have the legal right to make medical decisions for them. In the event of an emergency, having a healthcare proxy or medical power of attorney ensures that you can act on their behalf and make crucial medical decisions if they are unable to do so.

Durable Power of Attorney: This document allows your child to appoint someone they trust to manage their financial affairs if they become incapacitated. This includes paying bills, managing bank accounts, and handling other financial matters.

HIPAA Authorization: The Health Insurance Portability and Accountability Act (HIPAA) restricts access to an individual's medical information. A HIPAA authorization allows parents or designated individuals to access their child's medical records and communicate with healthcare providers.

FERPA Authorization: The Family Educational Rights and Privacy Act (FERPA) restricts access to an individual's educational records. A FERPA authorization allows parents or designated individuals to access their child's educational records and communicate with academic institutions.

Basic Will: While it may seem early, a will is important for everyone. It says who gets your child's things when they pass away, including their stuff and even their online stuff.

To learn more about estate planning to protect your children in the state of Georgia, click here.

Starting the Conversation

Talking about estate plans might feel uncomfortable, but it's important. Here are some tips:

• Explain it simply: Use easy-to-understand words to explain why it's important.

• Listen to them: Let your kids share their thoughts and feelings.

• Get help: Talk to a lawyer who knows about estate plans.

Conclusion

An estate plan is a gift of protection for your child. It shows you care about them and their future. Let's work together to make sure they're prepared for anything.

 At Thompson Mungo Firm, we understand the importance of preparing for the unexpected and are here to assist families in creating comprehensive estate plans tailored to their unique needs. Contact us today at 678-855-6002 to schedule a consultation and ensure your young adult is protected as they step into this new chapter of their life.



CHECK OUT THESE RELATED ARTICLES:

Understanding Estate Planning

Digital Estate Planning Articles

Other Estate Planning related articles: