Would it surprise you to know that your graduating senior needs an estate plan? Each and every legal adult needs an estate plan and once your child turns 18, they are no longer covered under your plan and you can no longer make financial, legal, or health care decisions on their behalf.
If your child doesnt have their own plan, the state and the courts will create a plan for them and it may not be what either you or your child would want.
A Simple Plan for a New Graduate
Most graduating seniors need only a very simple estate plan. The plan would likely include a:
- Will to appoint an executor and distribute any property.
- Power of Attorney to authorize the management of day-to-day business and finances.
- Power of Attorney for Health Care decisions in case your child is unable to make his own health care decisions.
- HIPAA release so that medical professionals are legally permitted to communicate with the agents appointed in the health care power of attorney.
- Living Will so that your child isnt hooked up to life support machines or subjected to other heroic measures if he is in an irreversible coma or persistent vegetative state.
- Organ Donation Form so that your child can save up to 8 lives and improve the lives of many others.
It can most likely be a simple plan, but if your child is graduating from high school this spring, put estate planning on your childs agenda. Consult with a qualified estate planning attorney.
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