There are many things that one needs to teach their children and planning for the future is one of them.
Parents often breathe a sigh of relief and think their work is done when their child graduates from high school and becomes an adult. However, there is at least one last thing parents should do, according to Iris in “Estate Planning for Your High School Graduate: That’s Right, Your Babies are Adults Now!“.
Now that your high school graduate is an adult, he or she needs to have an estate plan.
There are many financial reasons for you to help your child get one now. The most significant is that it will teach your child the importance of estate planning and make them more likely to continue to do it as their lives advance.
However, there is a more immediate practical reason for estate planning.
Once your child is an adult, you are no longer automatically able to make decisions for him or her, should there be a medical emergency.
If your child has an accident while away at college and has a medical emergency, doctors do not have to ask your opinion about what kind of treatment your child should receive. To get around that, you need your child to have an estate plan that includes an advanced medical directive giving you that legal authority.
An estate planning attorney can advise you on creating an estate plan that fits your son or daughter’s unique circumstances. It might be a good gift for a high school graduate.
Reference: Iris (June 27, 2017) “Estate Planning for Your High School Graduate: That’s Right, Your Babies are Adults Now!“
