If you have recently been appointed as a power of attorney for an adult child who is suffering from serious health issues, it is important to think about all of the different aspects of their care that might require you to step in.

A power of attorney enables you to make decisions or take actions on their behalf because they are unable to do so. Most frequently with an ailing adult child, this relates to concepts such as taking care of their financial affairs. Ownership of property raises other questions and getting someone’s affairs in order can help to minimize the confusion or frustration experienced by you or the power of attorney creator.

Most people will own household items, a checking account, vehicles and other assets. In addition to preparing a will and listing an agent on the power of attorney, it’s a good idea to reach out to the bank directly to ensure that someone is appointed as the payable on death beneficiary of the checking account.

The bank might also require their own internal power of attorney form to enable you as the agent to make decisions on his behalf and take actions for him. You can be named as a beneficiary of the vehicles so long as the estate plan and wills are created properly. This adult child may be able to transfer ownership with vehicles too as well.

A medical power of attorney and directive to physicians are other documents that might be needed to help ensure that there are plans in place to ask the important questions and take actions quickly should the need arise. Schedule a consultation today with a New Jersey estate planning attorney to learn more about your options.

Most people hope that they live to see their children well into adulthood. And grasping the possibility that this might not happen is difficult at best. But if your family members did suddenly have to cope with their loss of you, are appropriate plans in place? Are there other people who know they’ll be asked to step in? Are those plans written down in your will so that the appointed people can take action quickly, decreasing the stress of an already-painful situation?

When planning your estate, it is a big mistake to overlook the possibilities of planning that can affect your minor children. Many people only approach the estate planning process after their children are grown, which means they have dodged a major bullet by remaining healthy during the time that their children were under the age of 18. Planning for minor children is especially important for families of all sizes. First of all, planning for the minor children must consider who you want to be their guardian if something bad happens to you or the other parent. 

Determining who can take care of your children is one of the most important decisions that you should make, and it is a good idea to document this sooner rather than later and it requires a great deal of thought put into it. Not everyone is interested in or cut out to be a parent. Furthermore, recognize that some people may not be in the financial position to take on the responsibility for your children or additional children. This financial consideration should certainly be factored into your overall decision.

Using your will to include a minor’s trust provision to address any inheritance for minor children will be enough. Make sure that you have appropriate plans in place to ensure that a teenager does not have the opportunity to mismanage the money. Once you insert a minor’s trust provision into your will and select a guardian, these are the foundational steps designed to protect children under the age of 18.

You might also consider developing a medical power of attorney that authorizes the same person responsible for your children’s care if something happens to you to make medical decisions for your child. Make sure that this person has the right documentation and is clear of the role that they may be asked to play in an emergency situation if something happens to you.

An estate plan is something that most people think about as they near retirement or after they bring on a mortgage or have children. However, an estate plan can even benefit teenagers because turning 18 and heading off to the college means that that child is technically classified as an adult under the eyes of the law. Particularly true in light of social media and digital estate planning, Gen Xers and Millennials lead their lives online. 

This means that a parent or another individual may need to know how to preserve the pictures or any writing that that person may have done on social media accounts. Answers to security questions in addition to passwords must be properly seared with an appointed individual. If a young adult does not feel comfortable sharing all of this information with a parent, such details can be given to an attorney who does the necessary estate planning with the condition that the materials associated with the security questions can be open upon death.

Powers of attorney and directives should also be drafted by someone who has reached age 18 because the issues surrounding sudden incapacitation or disability can affect anyone. Schedule a consultation with a knowledgeable estate planning lawyer today to learn more about protecting your interests.

It’s easy for someone young and relatively healthy to push off estate planning entirely, but this could be a huge mistake. Anyone who has recently graduated from high school or reached age 18 has a couple of critical decisions to make. What happens if this 18-year-old suddenly becomes incapacitated and is unable to make decisions for himself or herself? 

Parents are no longer directly eligible to make decisions on a child’s behalf once this child has reached the age of maturity. This is why it is necessary as you are considering the packing process for sending your beloved child off to college at the end of the summer or off to a career, to consider the benefits of estate planning. You need a professional to assist you with this process as there are unique considerations for somebody who is young.

Having documents in place, like a healthcare power of attorney, articulates what happens if the minor becomes unable to become decisions for himself or herself. Identifying an attorney now can assist you with this process more comprehensively and give you an overview of the key issues involved that may ultimately affect someone.

Before making that big trip to drop off your child at college, talk about what he or she wants. Having these documents created over the summer will, at a minimum, give you the peace of mind that you can step in and act quickly if you need to. Your child may not understand the role of these documents, so budget in some time to talk about why this is important.

Updating these documents over the course of your child’s life is strongly recommended, but getting them in place now is a crucial component of protection.

The right estate plan is a group of small plans that all work together in order to create a comprehensive plan for your business, your family and your life depending on your unique situation. Don’t make the mistake of putting off your estate planning until it’s too late, as it could create additional confusion or frustration for your loved ones.

An attorney is an essential part of your estate planning process. The right lawyer will help you craft a plan for where you’re at now so that it can also evolve over the course of your life as needs change.

There are two primary components of your main plan; a death plan or estate plan including your trust documents and your will and other relevant materials. Many people who think of the term estate planning are referring to this portion. However, it’s equally important to have a lifetime plan as well.

Your trust or will may not be able to accomplish your lifetime goals as successfully without other components. Controlling your wealth and maintaining your lifestyle is important for any different situation. You may also be concerned, if you are married, about maintaining your spouse’s lifestyle in the event that you pass away. There are many different tools for doing this such as retirement plans, irrevocable life insurance trusts, and other strategies. You may also wish to make gifts to charity as well and to plan ahead carefully for any wealth that will be inherited by your family.

Ready to talk about putting together an estate plan or revising an existing one? Make sure you have outside counsel. With changing laws and individual needs, an attorney can help you navigate this process successfully.