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. It’s new territory both for them and for you.
Something that a lot of people fail to address is the need for their child to have a Will and Power of Attorney. You might be thinking “Why would they need an estate plan? They’re young, healthy. They’re just a kid!”. Therein lies the problem though. Legally, they’re not “just a kid” anymore.
What if something goes wrong?
As hard as it is, imagine your child heading off to schoolies or their first music festival. It’s an exciting time of life for them. So many new places and things to experience! However, 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. You’re 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. As parents, give yourself 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.
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