Preparing Your Young Adult Children

Think back to when you were young and excited to become an adult. Perhaps you were looking forward to going to college, traveling without your parents, or simply experience new things on your own. Just as you felt excited to live and experience through many milestones, your children may be itching to do the same.

While it is a natural progression for young adults to embark on their newfound independence, you as a parent must prepare them for what’s to come. Preparation can provide you and your children peace of mind. Read on to learn more about estate planning for young adults and the steps parents need to take to ensure their children are legally cared for in the event of death or incapacity.

The Importance of Estate Planning for Young Adults

Estate planning is vital for all individuals of all ages. Whether your young adult is pursuing higher education, a new career, or taking off on other life experiences, establishing an estate plan at the cusp of their adulthood will protect their wishes and yours.

Ensuring a plan is in place will prepare your young adult in the event you pass away or become incapacitated.

Here are the key points of estate planning you must discuss with your young adult:

1. Trust or Will

The foundation of a good estate plan often begins with a trust and/or will. Either can provide you and your family with a security and peace of mind.

2. Financial POA

A DPOA-Financial allows you to appoint an individual to act as your agent on your behalf with respect to your property or money matter. 

3. Healthcare POA

Drafting a DPOA-Healthcare allows you to appoint a person to act as your agent on your behalf with respect to certain decisions about your health and medical care.

4. Advance Directive – Healthcare

Notifying your young adult of your ADHC, if one is in place, helps them understand your desired treatment in the event you are determined by a physician to have a “terminal condition” are “persistently unconscious” or have an “end-stage condition.”

Make a Plan with Expert Help

Kevin L. Miller, PC has over 35 years of helping families and individuals of all kinds in Oklahoma with estate and life planning, probate, elder law, business law and more. He is committed to listening to his clients to help each of them determine their needs and goals. Each client’s experience is tailored to their needs.

He says, “I firmly believe the greatest gift a person may pass on to his or her family or loved ones is a well thought out and easy to understand estate plan. It can make a world of difference and make matters easier after a loved has passed.”

No parent wants to think about leaving their children unprepared in the event they pass away or become incapacitated. It is crucial to set a plan in place as soon as possible. Don’t let time slip away–reach out to an estate planning attorney to help you get started today. Call (405) 443-5100.