Wow, that school year really flew by! Welcome to “Maycember” (thank you, Holderness family!).
With three birthdays, celebrating Confirmation for our daughter, and a school play in April, our family has gotten a head start on the most busy time of the year.
And don’t worry, I do realize that Maycember is not the most popular time to be adding to anyone’s busy schedule (and I should know, because I’m currently putting the finishing touches on a seminar called “Estate Planning for Busy Families”).
But I do want to share an idea for those of you who know someone who is graduating high school (or college!) This could be a gift idea or even just something to make conversation with a new adult in your life other than “so what’s your major?” and “any job leads?”
Once someone turns 18, they are magically (okay legally) an adult! Someone expected to be able to enter into contracts, take responsibility, and handle their own legal decisions. (Hopefully with the help of older adults in their lives.) As newly minted adults they should have a few legal documents to make things easier in case of emergency.
- A Financial Power of Attorney: If they have bank accounts, Venmo, etc., or need help managing finances or taxes from afar, a financial power of attorney with a parent as an agent can make things go a lot more smoothly. FUN FACT digital assets are now included in most of these documents!
- A Healthcare Power of Attorney: Once you hit age 18, HIPAA rules apply and any unexpected hospitalizations require authorization to share information with family members. With a healthcare power of attorney (and HIPAA release) their agent (presumably a parent) will have an easier time accessing information and helping with decision-making.
- A Last Will and Testament: Anyone who owns any property should have a Will AND have a conversation about how to manage beneficiaries on financial accounts. An 18-year old might not have a lot right now, but this conversation lays the groundwork for the future.
Know anyone who could benefit from an Introduction to Adulthood meeting? I can help them get these documents in order, set them up with a folder to start them off on the right foot with organizing their important documents, and talk through any questions they might have about their newly acquired rights and responsibilities. As a bonus, it’s great practice talking to a professional and learning to advocate for themselves as adults.
To learn more, send me a message at lindsey@galleslawfirm.com or sign up for a quick phone call at http://www.calendly.com/galleslawfirm/adulting.