Do you know what happens when you die? I’m not asking in a spiritual or physical sense. I’m asking about what happens from an estate planning perspective. Do you know what impact your death has to the financial and developmental well-being of your children? What if both you and your spouse die at the same time? What about your house? Your car? The things in your closet? Your financial accounts? Who makes these decisions and who receives your assets are important to anticipate.
Excitement is building for your child who is about to move out of the house and into a college dorm. As the parent, you are, of course, proud and ecstatic she has been accepted and is attending her favorite college, but at the same time you're a little apprehensive. So many thoughts are running through your head about her moving away from home and living in the big world with all the various decisions to face every day.
As the countless fears may be crossing your mind, one may include getting that dreaded phone call, the one you have had nightmares about in the middle of the night. The phone call notifying you that your child was in an accident. So you rush to the hospital ... But wait, didn't your child already have her 18th birthday? Yes. Well, this means they are a legal adult, and you as a parent no longer have the power or ability to obtain any knowledge or make any decisions for your young adult without the proper legal estate documents.