Q&A: What estate planning should my child have in place once they reach adulthood?

QUESTION

Q: What estate planning should my child have in place once they reach adulthood?

— Proactive Parent

ANSWER

A: Dear  Proactive,

Once your kid becomes a legal adult—which is age 18 or 21, depending on your state—many areas of their life that were once under your control will become entirely their responsibility. And if your child doesn't have the proper legal documents in place, you could face a costly and traumatic ordeal should something happen to them.  

For instance, if your child were to get into a serious car accident and require hospitalization, you would no longer have the automatic authority to make decisions about his or her medical treatment or the ability to manage their financial affairs. Without legal documentation, you wouldn’t even be able to access your child’s medical records or bank accounts without a court order.

To prevent your family from going through an expensive and unnecessary court process, speak with your child about the importance of estate planning, and meet with a Personal Family Layer® to ensure he or she had the proper legal documents in place as they start their journey into adulthood.