Turning 18 is all about freedom…
and responsibility.
What a significant and delightful rite of passage that comes with new experiences, learnings, and independence. With that independence naturally comes responsibility and awareness.
Turning 18 provides us with the right to make decisions for ourselves. At the age of 18, we are considered to have legal capacity to sign legal documents which means that our parents no longer have the right to make these decisions on our behalf, unless we authorize them to.
This also means that estate planning begins at the age of 18.
That’s right- estate planning isn’t just for the mature adult or the wealthy individual. Estate planning goes beyond financial planning. At age 18, we become solely responsible for our own medical decisions. Parents have no legal right to their adult child’s medical records, even if the adult child is on the parent’s group insurance plan. This makes it pretty much impossible for parents to step in and help adult children with medical issues.
Now consider the fact that many 18 year old’s will soon be headed off to college, sometimes down the street, and sometimes, out of state. This is why estate planning is so important- especially for the college aged adult. By making sure that the proper documents are in place, we can rest easy knowing that we are truly prepared to experience that joy and freedom that reaching adulthood has to offer.