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Why Do Your Young Adult Children Need an Estate Plan?
October 29, 2019 at 9:00 AM

Our children become legal adults at 18 but are unlikely to marry or start their own families until ages 30+ so what happens in the interim? During college and beyond, we strongly recommend your young adult child execute a Health Care Directive with Living Will naming Mom/Dad/Sibling as health care agent and a Durable General Power of Attorney naming Mom/Dad/Sibling for financial transactions in the event of disability. If the adult child has assets, they should consider a Simple Will and/or adding beneficiary designations and "Payable on Death" designations on their bank and brokerage accounts. If the adult child is a New Jersey or New York resident, we can help create a basic estate plan for them.