Updated: Aug 20
A common misconception is that estate planning is a task for adults entering retirement. In reality, estate planning can and often should start as early as 18 years of age. Once an individual turns 18, he/she/they are legally recognized as an adult. What does this mean?
It means that parents are no longer able to assist their children with managing finances, coordinating healthcare, or making everyday adult decisions without explicit authorization. This can be a scary notion. While 18 is the age of majority, 18 year olds often still need parental assistance with learning how to be responsible and how to 'adult.'
Fortunately, a Durable Power of Attorney is a type of estate planning document that can remedy these concerns and provide peace of mind for both parents and adult children. A Durable Power of Attorney can allow parents to act as agents on behalf of their children. For example, with a Durable Power of Attorney in place, a parent would be able to locate her hospitalized child if the child had been in an accident. Without a Durable Power of Attorney in place, federal regulation would prohibit the hospital from sharing patient information.
Disclaimer: The purpose of this post is to provide general information and a general understanding of the law, not to provide specific legal advice. By accessing this blog site you understand that there is no attorney-client relationship between you and Sekhon Law, PLLC. This post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.