When you think of estate planning you think of grandparents, people aged 40 years and upward or young couples starting a family. However there is an age group that is often forgotten when it comes to estate planning, the 18 to early 30 years age group.
Parents often forget that once your children turn 18, you are no longer entitled to see their medical records and make decisions about their medical treatment. As a result, you may encounter some difficulties in obtaining critical information about your adult child’s medical treatment. This can be prevented if your child has an estate plan.
The thought of having your adult child have an estate plan is difficult and unpleasant, however it is usually simpler than the kind of planning that an older couple with substantial assets would undergo.
If an accident leaves your child unable to communicate, having an Enduring Guardian and Enduring Power of Attorney in place will prevent you from having to make an application to the guardianship tribunal to appoint you as the legal guardian.
For similar reasons, it is a good idea to ask your child to complete an Enduring Power of Attorney. This gives you (as the attorney) the right to oversee your adult child’s finances. Aside from ensuring the bills get paid during a medical emergency, an Enduring Power of Attorney can come in handy if your child wants you to take over while he or she is travelling.
Written by Jonathan Harris
(02) 9231 2466