College Bound – Medical Directive and Financial Powers of Attorney

If your child recently turned 18 and is heading off to college this Fall, it’s time to start thinking about their estate planning documents.  Turning 18 is a big step for both the young adult and their parents.  Once 18, a child is considered a legal adult and is seen as being fully capable of making his or her own medical, financial and legal decisions. You may think they’re still too young to worry about estate planning, but think again.  Your child turning 18 also marks the time when you may no longer have access to certain information and may no longer have decision-making authority should your child become critically injured or incapacitated.

 

If something happens to your child when they are of legal age, you want to make sure they have designated someone to manage their finances and make decisions regarding healthcare if they become incapacitated. Without it, Maryland requires that you go to Court and become appointed a Guardian.  It may sound bleak at first, but it’s wise to prepare for the worst. To be sure you’ll be able to make decisions on your child’s behalf should the unthinkable occur, your child should have essential estate planning documents: an Advance Medical Directive and Financial Powers of Attorney.

 

Register now for one of our three webinars to learn more about the documents your child should execute before they head off to college.