5 To-Do Items For Our Graduates
May is graduation month. This is a time when many of us will be celebrating our children’s academic achievements, and even thinking about send them off to college. During this hectic and emotionally tumultuous time, too many us will be all-consumed with helping prepare our soon-to-be college student for the next phase, causing us to overlook important estate planning matters.
Now, is the perfect time to check off a few important matters from the to-do list as you plan you celebrate their graduation and prepare to send your children to college.
1. Durable Power of Attorney for Health Care
Whether we like it or not, and regardless of how good a parent we are, every year, roughly a quarter of a million young adults between the ages of 18-25 wind up in the hospital. From alcohol poisoning and nonlethal accidents to unexpected illnesses, it is important that we hope for the best but prepare for the worst. Once a child reaches the age of 18, our decision making role as parents is significantly diminished, especially regarding making healthcare decisions.
Should a child get in a car accident, or fall ill and not be capable of making their own medical decisions, then without a durable power of attorney naming the parents as health care agents for the child, the parents cannot make medical decisions on their child’s behalf. If you want to ensure that they can continue to make healthcare decisions for your child, working with your child to create a health care power of attorney should be at the top of your to-do list.