Wills, Trusts & Estates: Plain and Simple – Estate Planning Documents for Your “Adult” Child – Whether at Home or in College
September 16, 2020
While we may know better, an 18-year-old is generally considered an adult under New York law. Parents’ rights to make decisions for their child change suddenly when he/she turns age 18. Parents no longer have complete access to their child’s financial, education and health records, even if they’re still paying the bills. Since it may be important for parents to be able to make important financial and/or health decisions for their child, it’s important to establish the parents’ legal ability to do so ahead of time. Therefore, your child should have a health care proxy and a power of attorney in place once he/she turns 18. In certain circumstances, the preparation of a Will should also be considered.
Reprinted with permission from Lloyd Harbor Life, September 2020.
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