Here are a few documents that families will need, if parents are to remain involved in the medical and financial affairs of a child who has reached adulthood.
I came in with Halley’s Comet in 1835. It is coming again next year, and I expect to go out with it. The Almighty has said, no doubt: ‘Now here are these two unaccountable freaks, they came together, they must go out together.’
Many people equate estate planning with older people who have more assets and more to protect. However, that doesn’t mean younger people should ignore the benefits of estate planning. According to Caring.com, only 34% of adults ages 35 to 44 have a will and 18% of adults ages 18 to 34 have one.
Seventy-seven percent of respondents in a recent survey said estate and legacy strategies were important for everyone, not just wealthy individuals, yet only 24% said they had taken the basic step of designating beneficiaries for all of their accounts.
As parents age, families sometimes struggle with how to best keep their parents’ financial affairs in order. One common approach is for aging parents to put one or more of their children on their investment accounts, bank accounts and real property.