So now your kid has turned 18. You think they may not need any estate planning because they don’t have any assets, are not married, or do not have any children? Think again!
Once kids turn 18, they are considered legal adults and parents may not be able to act on their behalf. Adult kids are now going to school out of state and/or traveling abroad.
Adult children might need you to sign on their behalf, whether it’s a lease, doing some banking, a tax return, and God forbid they become incapacitated. Without proper Estate Planning documents, you are forced into pursuing a Probate Court Guardianship, which can be time-consuming and expensive.
In the unfortunate situation when an adult child passes away, their estate would pass according to the laws of intestate. This can be especially painful for divorced parents where one child may or may not have had a close relationship with one or the other parents.
Many legal issues can come up requiring the need for proper estate planning such as a Healthcare Power of Attorney for medical decision making, Durable Power of Attorney for financial decision making, a Living Will, and a basic Will. This is why it is so critically important for an adult child to have a basic Estate Plan in place.