… Have you thought of the Estate Planning needs of your 18 year old?

At the age of 18 your child is now a young adult… legally! 

Your young adult needs a Simple Will, Advanced Health-care Directives and a Power of Attorney Effective Immediately and it is your responsibility as a parent to make that you both understand what these documents are. 

While you probably don’t expect your young adult to stop being dependent on you, Universities, Colleges, Health-care Facilities, Student Loan Banks, Cell Phone Companies and Credit Card Companies will treat your child as an independent adult.  The only way you can ensure that you will remain informed and involved on behalf of your young adult when dealing with these third parties is to have a Power of Attorney.  If you want to be involved with the continuing health care of your young adult in case the become incapacitated you need to have an Advanced Health-care Directive.  And if the most unfortunate circumstance should arise, you should apply the same estate planning to your young adult’s estate that you would to your own, don’t pay for the Intestate Administration during what could already be a painful situation, have a Simple Will.

The Lawyers of the Ferrell Law Firm want parents in the Memphis community to celebrate prom, graduation, 18th birthdays and college admissions.  Set up a meeting with one of our lawyers and your young adult to start on the right foot for their next transition in life.

This entry was posted on Monday, March 31st, 2008 at 10:32 am and is filed under Power of Attorney, estate planning, wills. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.