Estate plans for children: Are they necessary?

Do you have a child heading off to college soon? How about a child who is turning 18? Although he or she may not have substantial assets to protect or distribute if something unfortunate should happen, it may be beneficial to look into having your child execute powers of attorney for health care and financial management.

In Michigan, your child is considered an adult at 18. Without a properly drafted and executed Durable Power of Attorney for Health Care naming a parent to act as the child’s agent in the event of the child’s incapacity, you, as a parent, may be unable to access your child’s medical information or make medical decisions on their behalf should they be unable to do so.

By having your child execute both a Durable Power of Attorney for Health Care (including a HIPAA authorization) and a Durable Power of Attorney for Financial Management, you will have access to your child’s medical information and can assist with his or her treatment if necessary. You will also be able to access your child’s financial and banking information and assist with managing those assets as well.

Alycia WesleyAlycia P. Wesley is an estate planning attorney with clients that span all generations. However, as a mother of three young children Alycia is especially familiar with the estate planning needs facing families with young children. To learn more about this topic you can email Alycia at APW@colombopc.com or call her at 248-645-9300.

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