Preparing Your High School Senior for Adulthood with a Starter Estate Plan

As summer fades and high school graduation approaches, your child is on the brink of adulthood. The transition from high school to the real world is a significant milestone, bringing both exciting opportunities and new responsibilities. But amidst the excitement, have you considered whether your soon-to-be adult child is legally prepared for this next chapter in estate planning for young adults?

Why Estate Planning Matters for High School Graduates

Turning 18 means your child will soon gain the legal rights and responsibilities of adulthood. They’ll be able to vote, sign contracts, and make decisions about their own life. However, with this newfound independence comes the need for legal preparedness. Without the proper documents, you could find yourself unable to assist in emergencies or make critical decisions on their behalf.

Essential Estate Planning Documents for Young Adults

While a full estate plan might not be necessary for a high school senior, a few key documents can provide significant peace of mind:

1. Powers of Attorney:

• Medical Power of Attorney: Designates someone to make medical decisions if your child cannot communicate their wishes.

• Financial Power of Attorney: Allows a designated person to handle financial matters, including managing accounts and paying bills.

2. Advance Directive/Living Will:

• Outlines healthcare preferences in case of a serious illness or injury, ensuring their wishes are respected.

3. Health Insurance Portability and Accountability Act (HIPAA) Waiver:

• Grants access to your child’s health information, which is crucial for managing medical care.

Starting the Conversation

Discussing these documents with your child might seem daunting, but it’s essential for their legal and financial security. Emphasize that having these documents in place can prevent delays and complications in emergencies and help them make informed decisions about their future.

If you’re ready to help your teen navigate these important steps, contact us at Williams Starbuck for professional guidance and support on estate planning for young adults.