It’s time to start thinking about back to school. In 2020, over 15 million students were enrolled and ready to start college. When getting ready to send your kids off to college, you make sure they have housing in place, their classes are chosen and they have the necessary books and computers. But that is not enough. You also want to ask: is your child protected? Now is the time to consider your child’s medical health and ensure they are prepared for the future. Now is the perfect time to tell your child about your estate plan and help them begin theirs.
There are two parts to protecting your child’s future.
Let’s look at each of these separately.
What you can do to protect your child.
Having an estate plan is the first thing you can do to protect your child now and when you’re gone. An estate plan consists of a will or trust, but it also includes your life insurance, investment accounts, medical wishes, and power of attorney. Having these in place will make it much easier for your child if something happens to you.
What your adult child can do to protect themself
Once your child turns 18, they are considered an adult. This means that if they are injured or incapacitated, you cannot access their records or make decisions for them. It’s important to have your child sign these 3 documents before they leave for college,
The best place to start is with your estate planning attorney. They already have your information and are familiar with your family. The attorney can help you place your home and assets in a trust while explaining the process to your child. At the same time, your lawyer can set your child up with the three legal documents listed above.
This gives your child the independence they deserve while protecting them if something happens.
Protecting your family and providing peace of mind can be achieved with expert guidance from the estate planning attorneys at Estate & Probate Legal Group in Illinois. Call us today at 630-864-5835.
AREAS WE SERVE: DuPage, Kane, Lake and Will counties.