Yes. It may not be a subject you want to think about, but before you send your young adult into the world, you need to help your 18- year old obtain basic estate planning documents. Even though your child may not own substantial assets at this time, your child is a legal adult now.
If your child became incapacitated, even temporarily, you might not have the authority to make medical or financial decisions for your child without court intervention.
A basic estate plan for an 18-year old should include:
- Health Care Directive
- Power of Attorney Financial
- HIPAA Authorization
