When a child turns 18, you lose the automatic legal authority to access their medical information or handle their finances, even in an emergency. One of the most practical gifts you can give a new adult is a basic estate planning package: a simple will or trust, a financial power of attorney, a healthcare power of attorney, and a living will. With these in place, if your child is ever injured or ill and cannot manage their own affairs, you can step in to sign checks, pay bills, or sell assets as the named agent or successor trustee, rather than being forced into a court guardianship that is slow, costly, and restrictive. Likewise, a healthcare power of attorney lets your child authorize a person of their choosing to make medical decisions if they cannot, and a living will clarifies end-of-life wishes so doctors and family are not left guessing in a crisis. Without these documents, you may be unable to obtain information or make decisions, and if the worst happens and your child dies without a will, state law, not your child’s wishes, will dictate who inherits. Be aware that some banks may insist on their own power-of-attorney forms, so confirm requirements with each institution in advance. As life evolves, moves, marriages, new accounts, your child should review and update these documents, just as they would other adult responsibilities like banking, credit, and insurance. Helping a young adult put this legal foundation in place provides both of you with a critical layer of protection and peace of mind, long before it is ever needed.
If you would like to learn more, or set up a complimentary estate planning consultation with one of our Madison, Wisconsin estate planning attorneys, please contact us and we can schedule a time to meet.