Young and Poor – Who needs an estate plan?
Young and Poor
The simple answer: Your kids do. If they are over 18, you will be unable to help them make health care decisions or manage their money once they turn 18. This is true even if they are still in high school.
They are on your health insurance plan but you cannot challenge the insurance company or even question the disallowance of a cost for them. They are adults. They may not have any idea of what question to ask or how to go toe to toe with the claims representatives – but that is the law.
You may be paying for their tuition at college but the college won’t talk to you about their bill because the student is an adult.
If your 18 year old child is in an accident, you will not be able to assist in determining their health care needs. You will have to go to Probate Court to be appointed as the child’s guardian if he or she is not able to speak for him or herself.
Can this really happen? Yes. It happens every day. Accidents are the leading cause of death for young adults.
So on the 18 year old’s birthday, in addition to a cake and candles, you should give them a Durable Power of Attorney and a Patient Advocate Designation to sign.