If you are the parent of adult children in Michigan, you might struggle to find them the perfect present — after all, what do you get the young grown-up who seems to have everything? We have you covered for at least the next major event: Consider purchasing estate planning documents for your adult child for a birthday or holiday present. Although this may sound decidedly unimaginative, you and your adult child could benefit tremendously from the asset protection and personal peace of mind that comes along with estate planning.
Imagine that your young adult child gets in a near-fatal crash. What happens if he or she is engaged but not married? Does the soon-to-be spouse have legal power of attorney to decide the victim’s medical fate? What happens if you and the significant other disagree about medical treatment? Now, take this one step farther and imagine that your child’s illness continues into a prolonged coma or other high-needs situation. Handling medical costs, insurance documents and other key information is much easier with the protection of estate planning such as the power of attorney.
So, how do you get your young adult child started on the road to estate planning? First, educate your family members about the potential costs associated with failing to provide estate plans. A general awareness of the importance of these documents is also useful. Then, emphasize the small investment of time and resources that can really pay off in the end.
Although young adults think they are invincible, the fact is that every grown American needs to have estate planning documents on file to make life easier for their loved ones. Parents often play a key role in helping grown children draft their first version of these forms; if you pay for the documents as a present, you are sure to experience a gift that keeps on giving. Scheduling an appointment for your adult child with an experienced estate planner is one of the best choices you can make for that upcoming special occasion.
Source: NerdWallet.com, “Estate Planning is the Ultimate Gift for Adult Kids,” accessed Sep. 10, 2015