Should I Consider Estate Planning Before My Kids Leave for College?
Estate planning may be particularly important during many life moments. Retirement is an obvious example, as is the diagnosis of new medical issues. One life moment that seems to fall under the radar is high school graduation – and the family may benefit from estate planning in Tampa during this transitionary period. Why should you consider estate planning before your children move out – and what does this entail?
Why Parents Consider Estate Planning Before the Children Move Away
Parents may be accustomed to playing a direct role in the lives of their children. During high school, you might have made all kinds of decisions on your child’s behalf. These might include your child’s finances, healthcare, and much more. You might have made these decisions without a second thought. After all, you were simply exercising your right as a parent.
However, this all changes once your child turns 18. From a legal perspective, they are an adult when they reach this age – and you can no longer make decisions on their behalf. In the eyes of the courts, you have no more right to interfere with their choices than any other adult in Florida.
This is why many parents consider estate planning options before their children reach the age of 18, move out, and attend college. With a few simple steps, you could continue to exercise decision-making authority over your children.
Estate Planning Options Before the Kids Move Out
The most obvious estate planning options in this scenario are living wills, medical powers of attorney, and financial powers of attorney. A living will allows your children to make medical decisions in advance. If they ever become incapacitated, healthcare providers can simply follow these decisions. For example, your child might specify that they want to be removed from life support within a certain amount of time after an incapacitating injury.
Children can also create medical powers of attorney. These documents shift decision-making power onto the shoulders of an “agent.” They can select their parents as their agents, allowing them to make important healthcare decisions if they become incapacitated.
Finally, children can create financial powers of attorney. This is similar to a medical power of attorney, but it deals only with financial decisions. While it might seem strange to plan for your child’s non-existent fortune, things can change relatively quickly. Some children prove to be incredible entrepreneurs at a young age, while others have a knack for spotting investment trends. Within a few short years, your child could theoretically become the wealthiest member of your family.
Can a Seminole Estate Planning Lawyer Help My Children With Estate Planning?
A Tampa estate planning lawyer could help your family tackle important questions before the kids go off to college. A few simple steps could put your affairs in order, allowing you to continue exercising your parental rights even after your children reach adulthood. To discuss these processes in more detail, why not continue the conversation alongside Knudsen Law? Schedule a consultation today to get started.
Sources:
floridabar.org/public/consumer/consumer003/
ahca.myflorida.com/content/download/10476/file/TabC1-HospiceForms.pdf
