How Estate Planning Tools Can Protect Adult Children
As parents, ensuring your children's well-being is always a top priority. While you can legally make decisions for them while they are minors, once they turn 18, they are legally considered adults, and you no longer automatically have the authority to make financial or healthcare decisions for them. However, there are several estate planning tools you can implement to continue protecting them even after they reach adulthood.
Preparing Your Children for Adulthood
Watching your children graduate from high school is an exciting milestone for the entire family. As they step into adulthood, they may be preparing to live on their own, start their first job, or head off to college. While this transition brings new opportunities and independence, it also comes with legal and financial responsibilities that many families don’t anticipate.
One important but often overlooked aspect of preparing for adulthood is ensuring your child has the right legal protections in place. Without certain estate planning documents, parents may face unexpected challenges in helping their adult children during emergencies or important life decisions.
Below, we share tips on using estate planning tools to protect your adult children, giving both you and them peace of mind as they take this next step.
Question: How can I help my adult child during a medical emergency?
Imagine your adult child is away at college and is involved in a serious car accident, leaving them temporarily in a coma. Because they are over 18, you may not have the legal authority to access their medical records or make critical healthcare decisions on their behalf. Without the proper legal documents, doctors may be required to follow hospital policies or state laws rather than consulting you about your child’s care. In an already stressful and emotional situation, this can make it even more difficult to ensure they receive the care you believe is best.
Taking these proactive steps ensures that, in an emergency, you can step in without delay.
Estate Planning Tools to Protect Your Adult Children
Healthcare Power of Attorney
Also known as a Healthcare Directive, this document allows your child to appoint someone to make medical decisions if they are unable to communicate their wishes. Without a healthcare power of attorney, you may need to seek guardianship through the court system, which can be costly and time-consuming. Having a healthcare POA in place ahead of time ensures you can step in quickly to support your adult child when they need it most.
Financial Power of Attorney
A Financial Power of Attorney allows your child to designate someone they trust to manage their assets should they become incapacitated. This document allows a chosen agent to handle financial matters, such as accessing their bank accounts to help pay bills or negotiate with their landlord or college financial department.
Without a financial power of attorney in place, you may have to petition the court to establish a conservatorship to manage their finances or sue on their behalf if they have been injured.
Real Life Example
At the end of 2024, a View Ridge Law team member was involved in a serious accident near our office, resulting in a weeks-long hospitalization. To support him, our team quickly took action and, with his consent, assisted a trusted family member in securing the necessary legal documents to manage his medical and financial affairs. Fortunately, our colleague was able to participate in the process, but it would have been far less stressful for his family if a Medical Power of Attorney and Financial Power of Attorney had already been in place.
How We Can Help
At View Ridge Family Law & Estate Planning, we are dedicated to protecting members of our community with our customized legal services. We understand the complexities of estate planning and can guide you through the process of protecting your young adult children.
For assistance with creating or updating your estate plan, call us at 206-703-0764 or contact us online to schedule a consultation.
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