Something a lot of parents don’t think about or maybe even realize, is that when our children turn 18, even if they still live at home, or are in school, they are legally adults. As soon as they are 18, you are no longer privy to their medical or financial information. It’s not something any parent ever wants to think about but, should something happen to your 18 year old child while they are away at school, for instance, you will need certain legal documents in place so that you can make decisions for your child if they are unable to do so themselves. This is also the case when you have a disabled adult child.
Estate planning with your adult children can also prepare them for a financially sound future and teach them how to responsibly handle money and financial responsibilities, such as saving for retirement, building an emergency fund and protecting their wealth. Starting them off into adulthood with basic financial planning will benefit them throughout their lives.
It is a really simple process to begin basic estate plans for adult children. Working with an attorney, such as Cara Law, will ensure that everything is done correctly and that the documents are legal. Cara Law will continue working with your family as they reach milestones, like marriage and having children of their own, to ensure their plan is always up to date and that they are protected throughout their lives. Schedule a consultation with us today and start your children on the right path for a financially healthy future.