Your child is heading off to college soon. No doubt you have a long checklist of things to buy before your child departs for university: clothes, books, linens, laundry supplies, personal grooming items – and an estate plan.
Your 18-year-old child who is heading off to college is legally considered an adult in Illinois and capable of making his or her own medical, financial and legal decisions. Not only do you not have access to their credit card statements, bank account or school records, you also are not authorized to view their medical information or make healthcare decisions if they are injured, become ill or are incapacitated. An experienced estate planning attorney can help you prepare legal documents to protect your college student after they turn 18 and are away at school.
1. Durable Power of Attorney
A durable power of attorney lasts indefinitely. In most cases, a durable power of attorney (DPOA) is used to allow the designated person – such as a parent – to handle affairs in a specific area of a person’s life, such as in financial or health matters if you become incapacitated.
2. Healthcare Directive
If you become incapacitated, who do you trust to make your health care decisions? If you don’t appoint a health care proxy, the courts will assign someone to make your medical decisions – and it may not be a person your trust. A Healthcare Power of Attorney is a durable power of attorney, a legal device that allows one person to indefinitely make decisions on behalf of another.
Part of parenting is teaching your young adult child how to plan for their future, and protect themselves from unpleasant realities. As your young adult child transitions to full adulthood and independence, you can continue to protect their best interests and look out for their welfare in case of an emergency. An experienced estate planning attorney can advise you on how to create legal documents that will protect your adult child now and in the future.
Protecting your family and providing peace of mind for your family members can be achieved with expert guidance from the estate planning attorneys at Estate & Probate Legal Group in Illinois today at 630-864-5835.