Posted In: Trusts & Estates
Trusts & Estates Blog: Young Adults and Estate Planning
By Lori R. Kilpeck on April 20, 2021
The transition from high school to college or to the workforce for an 18- year old is an exciting time.
In the midst of celebrating major milestones, the importance of basic estate planning documents is often overlooked or not considered to be a necessary discussion. Once your child reaches the age of 18 years, the parent is no longer able to make decisions or obtain access to health or financial information. Many parents are further surprised to learn that this also extends to contacting the college for information, even if the parent is paying for the tuition and related expenses.
Therefore, parents should enter into conversations with their child to discuss basic estate planning documents for this next stage of life. A young adult should have a Durable Power of Attorney and Health Care Power of Attorney/Living Will in place designating an agent to make financial decisions and health care decisions if he or she is unable to make them. One provision that should be specifically included in the Durable Power of Attorney is a Family Education Rights and Privacy Act Waiver (FERPA). This provision provides specific language for a parent to access a child’s academic record. A Last Will and Testament and beneficiary designation should also be discussed regarding any assets that your child may have in his or her name.
Know that you have provided the foundation for your child to be a successful adult, and taking these stepsis just one more way to offer sound guidance.
If you have any questions, please contact our Trusts and Estates Practice Group.
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