Russman & Phinney
Q: Why would your children need an estate plan once they turn 18 and head to college?
A: Going off to college or beginning a new career is an exciting and significant step into adulthood for many young individuals. As parents, we prepare them with dorm gear or equipment, new clothes, all the electronics and safeguards we can put in place for them to fly the coop. One essential safeguard that is often overlooked is estate planning.
Once a person turns 18 and has entered adulthood, it is easy to forget that their legal responsibility begins immediately. Once your child has turned 18, the automatic authority that a parent has to make financial and medical decisions on your child’s behalf, ends swiftly and abruptly. An estate plan can protect them when your parental rights can no longer reach key decisions relative to their wellbeing.
Financially, your child may have earned money from jobs, now have savings and checking accounts with graduation money invested or scholarships. Should the unexpected happen, an estate plan would protect these assets, and a properly named power of attorney will delegate a trusted person to handle these finances on their behalf should they be unable to do so themselves.
The idea of your student having a medical emergency or becoming sick while away is tough on all parents, but reality tells us that no one is immune from accidents or illness. Preparation of a living will for your young adult will permit you or another delegated party to make those decisions for your student if they are unable to speak for themselves. HIPPA Authorizations are also included in estate planning and will allow parents or a designated person to access your student’s medical records and have open communication with health care providers.
As parents, we want our children’s first steps into adulthood and independence to be safe and full of adventure. Giving the gift of the protection of a proper and legal estate plan exemplifies your desire to protect them now and into their futures.
— Laura Purslow, Russman & Phinney
Q: What are the key documents every adult should have in place to protect themselves and their family?
A: “I really have to get to that . . .” or “I had planned to get that done but keep putting it off . . .” We have all heard it and probably said it regarding estate planning. It is a topic that comes up and we realize the importance of having these safeguards and plans in place, and yet, it is pushed to the back burner time and time again.
Estate planning is not only for those in their senior years or for the wealthy, but estate planning is also essential for every adult. Having the appropriate legal paperwork in place to protect your loved ones, your personal wishes for your property and your independence is a tool that transcends all ages groups and situations. At its core, a proper estate plan will help document your wishes should you become incapacitated and avoid intestacy, which is dying without a will. Intestacy will lead to court involvement and more times than not, increase family tensions or conflict. The key documents are as follows: Last Will and Testament; Durable Power of Attorney; Designation of Health Care Agent; The Living Will and the Revocable Living Trust. Now is the time to prioritize your estate planning.
— Emily LeClerc, Russman & Phinney
