Once reaching age 18, a young person is officially an “adult.” Anyone age 18 and older has the right to enter into a contract, create a Last Will and Testament, get married, sign a rental agreement and much more.
What does this mean when a 19 year old goes off to school and becomes seriously ill? Who can make the health decisions for that child? What happens when the 19 year old has an accident skiing and is in a coma for a week? Who can access the child’s checking account to pay bills that are due, who can sign insurance claim forms?
Parents and grandparents are not empowered to make decisions for this young person once they are past age 18. What is the solution?
It is critical for everyone to have a Financial Power of Attorney and a Health Power of Attorney that spell out who will serve as the “agent” for the young person. That agent can then make business and health care decisions for the young adult when they are not able to help themselves. Without these documents it may be necessary to get a court order appointing who can act as “agent”. Going to court causes delays, is expensive and may result in a stranger being appointed to make decisions.
Graduation is coming up. Arranging for the graduate to sign a Financial Power of Attorney and Health Power of Attorney is a gift to both the graduate and the family.
******************** UPCOMING SEMINAR ********************
Free public seminar – Thursday, April 7, 2016 at 10:00 a.m. and 2:00 p.m.
Join us for this informative seminar, sponsored by Susan M. Graham, to help you understand ways to create your Estate Plan and at the same time increase your retirement security – bring a friend or two!
For more information and to register, Click Here or call 344-0375.
