It’s important to have them sign Powers of Attorney to make you their agents in case of emergency.
Once a child turns age 18, you are no longer the legal guardian and cannot make financial and medical decisions for him or her. Therefore, it is important to have college students and young adults sign a Durable Power of Attorney and Patient Advocate Designation (sometimes called a Power of Attorney for Health Care) naming you as their agent. The Durable Power of Attorney grants you the power to handle financial decisions for your child and the Patient Advocate Designation names you as patient advocate to make medical decisions for your child in the event he or she is unable to do so.
If you have children who are young adults, I would be happy to prepare these documents for you. They are not expensive and certainly well worth it. If that emergency happens, it will make things go a lot smoother if you have the Powers of Attorney already in place.
If your adult child has a bank account, he or she can name a transfer-on-death (tod) at the bank, which is like a beneficiary designation, to pass the account to you or another person. If the adult child has more assets than just a bank account, he or she should consider doing a Last Will and Testament. I can assist in preparing a Will as well.
If you have any questions on estate planning, please call Karen L. Stewart, Attorney and Counselor at (248) 735-0900.
For more information, please see my website, www.customestateplans.com.