So, your baby is now an adult. You’re probably wondering where the time went!
A child turning 18 brings a lot of change. They can drive, vote, head to the pub…and it’s new territory both for them and for you.
(At this point, we should probably recognise that this subject may not be relevant to all of our readers but you may know someone in this situation, and therefore please feel free to forward this on for their consideration.)
Something that a lot of people fail to address is the need for their child to have a Will and Power of Attorney. It seems ridiculous, I know, and you might be thinking “Why would they need an estate plan? They’re young, healthy…they’re just a kid!”. But therein lies the problem. Legally, they’re not “just a kid” anymore.
As hard as it is to think about, picture this: Your child heads to schoolies or to their first music festival. It’s an exciting time of life for them with so many new places and things to experience! But what if something goes wrong? They’re in an accident and are badly injured – who will make decisions regarding their medical treatment if they have no Power of Attorney? If they find themselves in trouble, who can access their finances on their behalf? Or the most unthinkable scenario…they pass away. If there is no Will, State Law will decide how their assets are distributed and this may not be as your child would wish.
They may have savings or they might have purchased a car, or inherited a family heirloom. These are all assets that need to be considered.
By taking the first step and discussing estate planning with your child, you are teaching them one of the responsibilities of being an adult and setting them up to think about their future and what it might hold.
Things can and do go wrong. Now is the right time to help set up your child’s estate plan and give yourself, as parents, the peace of mind that if something does happen their affairs are in order.
Click here to make a time to talk to us about setting up your child’s estate plan.