Once Kids Turn 18, Everything Changes. Here’s Why an Estate Plan Matters.
When most people hear the words “estate planning,” they picture retirees, wealthy families, or an individual with significant assets. The reality is, one of the most overlooked groups who can benefit from a basic estate plan is college students and young adults.
My child is only 18. They don’t have an estate, why would they need an estate plan?
While most college students and young adults don’t own homes, have significant investments, or think about end-of-life planning, they do need to ensure that the right people can step in if life takes an unexpected turn.
When a child celebrates their 18th birthday, parents no longer have the automatic legal authority to make medical or financial decisions on their behalf. This often comes as a surprise, especially when an emergency arises.
What happens when your child turns 18?
Whether your son or daughter is headed to LSU, ULL, Tulane, an out-of-state university, or into the workforce, the law views them as adults on their 18th birthday.
That means if your young adult is hospitalized or suffers a serious illness, you may not have the legal authority to:
· Speak with doctors about their medical condition
· Access their medical records
· Make healthcare decisions if they are unable to communicate
· Manage their finances or pay bills if they become incapacitated.
Many parents assume they can simply step in during an emergency but that’s not how Louisiana law works.
The essential documents
A basic estate plan for a young adult is simple, affordable, and focused on preparation rather than wealth.
1. Healthcare Power of Attorney
This document allows your child to appoint someone they trust- often a parent- to make medical decisions if they are unable to communicate their wishes.
2. HIPPA Authorization
A HIPPA Authorization permits healthcare providers to share medical information with designated individuals. Without it, even parents may have difficulty obtaining updates about their child’s condition.
3. Durable Financial Power of Attorney
This document authorizes a trusted individual to handle financial matters during incapacity. This may include paying bills, dealing with banks, managing insurance claims, or handling other necessary financial transactions.
4. Simple Will
Although young adults may have limited assets, a will allows them to express how any property they do own should be distributed and who should handle their affairs. More importantly, establishing an estate plan early often makes future updates easier as life changes.
Estate planning isn’t about expecting the worst
No one wants to imagine a serious accident or illness affecting their child. But unexpected events happen every day. Estate planning is like purchasing insurance. You hope you’ll never need it, but you’ll be grateful it’s in place if you do.
How a Louisiana estate planning attorney can help
Turning 18 is a major milestone which comes with new freedoms, but it also comes with new legal responsibilities. If your young adult is 18, now is an excellent time to discuss these essential documents. Meeting with an experienced estate planning attorney can provide clarity, protection, and peace of mind for both the young adult and their families.
The best time to prepare for the unexpected is before you ever need to!