Tragedy can strike at any moment, and teenagers and young adults are no exception, as exemplified by the recent COVID-19 pandemic and the numerous headlines about accidents involving young adults. College is a particularly unique situation. For the first time in their life, teenagers have a little bit more freedom to make their own decisions regarding what to do, where to travel, and who they hang out with. This loosening of the leash has its benefits, but it also comes with major risks. Because parents can no longer supervise their adult children in the same manner as before, teenagers and young adults are liable to get into trouble from time to time. Having an appropriate documentation in place for teenagers and young adults will be beneficial to parents if they find themselves in a situation where their child requires legal or medical assistance.
Legal Changes that Come with Adulthood
Many legal changes come with adulthood, including being able to vote, buy a house, being undoubtedly charged as an adult in the commencement of a crime, getting married, etc. Even though parents still have the ability to provide financial assistance (and unsolicited advice) in their adult child’s life, a very real consequence that is often overlooked is the lack of legal control over health and financial affairs. After a child reaches adulthood, the parents’ rights over the child changes. All those rights the parents once had are transferred to the adult child. Should something happen, the absence of appropriate documentation means that parents only have next of kin rights concerning their child’s medical and financial information. This becomes a problem if a parent needs to access medical providers, medical records, bank accounts, cell phone accounts and other electronic media. An estate plan will help ease these issues.
Estate Planning Documents to Consider
Estate planning consists of several components. The main documents to focus on for teenagers and young adults are medical power of attorney, durable power of attorney, and advanced directives. Advanced directives are written by a person about their wishes pertaining to medical treatment, medication, or end of life care if the person becomes incapacitated and no longer able to express informed consent. A medical power of attorney is like a living will, however it designates someone specific to decide medical decisions for a person if the person becomes unable to make these decisions for themselves. A durable power of attorney gives someone power to make financial decision if someone becomes incapacitated, and grants them access to bank accounts and other assets.. Having the documents present will make the process runs smoother if an accident occurs.
Talking to Teenagers and Young Adults About Estate Planning
Talking to teenagers and young adults about estate planning is important, because it allows them to make decisions about their medical care and assets and ensures that they have a voice in the process. Notifying teens about estate planning could potentially set them up for a successful financial life, and it creates a sense of responsibility, as they are taking charge of their life. At this same time providing a parent peace of mind that they will have the necessary tools in place to assist their adult child if needed.