Independence, the Young Adult and Estate Planning

Independence, the Young Adult and Estate Planning

by Melinda Gustafson Gervasi

July 5, 2024

Goose Family (2 parents, 2 kids) on Lake Superior. Image Credit, Charles J. Gervasi, July 2024

Independence, it's on my mind this week as we celebrate America's freedom from the English crown.  It's also on my mind having spent a few days exploring Minnesota with my family.  It is a lovely area to spend long summer days; and the Twin Cities a viable college option for one if not both of my high school aged children.  The transition to adulthood is coming on fast, I can feel it.  With high school graduation and the magic age of 18, my children will have so many more freedoms.  And as a parent, I will loose the control that has been a part of the parenting process.

At the age of majority, which is normally 18, a child becomes an adult.  Decisions related to health care and finances become theirs and theirs alone.  In my home state of Wisconsin that means, as a parent, I no longer have automatic control to make decisions about their health care, their finances, or their school grades.  With the 18th birthday my children gain the ability to create their own Power of Attorney, one for finances and another for health matters.

A Power of Attorney is a legal document that says who can make decisions for you if you cannot.  It is the 18 year old who needs to choose to create these forms, and it is this young person who gets to select who to nominate for this power.  Commonly I receive calls at my office from parents who want to set up a Power of Attorney for a college bound student.  The reality that they cannot do this FOR their child can be a shock to the parenting system.  The responsibility is now that of the child, not the parent.  

For those newly minted legal adults, keep in mind the following estate planning forms you may want to create as you move into the next chapter of your life:

• Power of Attorney for Health Care -- who do you want to make your medical decisions if you cannot due to an accident or sudden illness; and
• Power of Attorney for Finances -- who do you want to manage your bank accounts, pay your bills, etc., if you are unable to do so because of sudden illness or injury.

The young are notorious for thinking "that will never happen to me".  Yet, it does.  Often as a complete shock.  The rock climbing fall that results in a traumatic brain injury.  The motorcycle or vehicle accident that lands you in the ICU.  A rare side effect to a prescription medication that leaves you incapacitated.  As an adult you have the ability to control who is allowed to make decisions if you cannot.  Completing these forms is a gift to your loved ones in the event the unthinkable happens, having a plan in place will ease their grief.

Now, enough with the gloomy talk.  Enjoy these summer nights. Look for fireflies.  Be well, and remember that a blog is not legal advice.  It is a platform to encourage thought and reflection.  Please consult an attorney in your home state for advice specific to your situation.