Estate Planning Advice for Parents With Older Children

As summer draws to an end and fall approaches, parents with children who are about to attend college face a number of big decisions. While it might be difficult right now to directly acknowledge it, once a child reaches the age of 18, he or she is viewed in the eyes of the law as an adult and the parent loses a great amount of control over the child. For this reason, it is vital that parents of older children ensure that those children have a sufficient estate plan in place.  There is a long-standing myth that younger people do not need estate plans, but in reality, serious accidents involving younger individuals occur all the time. The following will review some of the important types of estate planning documents that your older children might need. Healthcare Powers of Attorney Children who reach the age of 18 should make sure to designate a health care power of attorney, who will appoint an individual to access the child’s medical records in case the child ends up incapacitated. In some situations, these documents also appoint individuals to make healthcare decisions on the incapacitated child’s behalf.  If something happens to a child and he [...]