Advance Medical Directive documents also important for young individuals.
Power of Attorneys and Advance Medical Directive documents are also essential for young adults leaving home and headed to college. While a Will might not be at the top an 18-year-old’s “Get Ready for School” list, Power of Attorney and Advance Medical Directive documents should be.
Q: Why are these documents important?A: These documents will provide parents peace of mind that if something unfortunate happens to their child, they will have the legal authority to act on their child's behalf. Without the Power of Attorney and Advance Medical Directive documents, it is very unlikely that any hospital, school administrator, or bank will speak with a parent about their child's medical and financial well-being.
Q: What can be some concerns of the 18-year-old?A: Of course, there might be some concern on the part of the 18-year-old that the parent will misuse this tool (e.g. calling college administrators for academic information without permission of the child), but that can be worked out - within the document itself or simply by agreement between parent and child.
Q: Why should I stay away from online documents?A: Purchasing any of these documents online are discouraged, at all cost. While the online documents may state they are "simple", it does not mean that they comport with state law, or some big national bank's mysterious checklist of requirements. Proper drafting AND execution are essential and can vary from state to state. Online DIY documents are not state specific and all too often do not comply with any state's specific estate planning laws. Don't fall for the temptation of "penny wise, pound foolish."