We don’t simply throw a switch and forget about our children when they turn 18. But … legally a lot changes and we have no say for them at that point.
They may be living close, or living far. It doesn’t matter. Not having a couple of key documents, even for them just starting out, could cause problems … so what key document should they have?
What is common for the above is that the 18+ year-old person has designated someone to make decisions and help when they are unable to.
The above is meant to provide basic insight into key documents that address key decisions in life that all adults have. Turning of age brings on basic legal responsibilities ONLY THEY HAVE, unless they have put in place legal documents designating who may help and when.
As a financial adviser, my hands are tied and I can’t give information or help to the parent of someone unless there’s legal authorization in place to do so. It is the same with all financial institutions! This may create problems if your son or daughter is unable to manage things, either temporarily or God forbid permanently.
So your son or daughter designates you to help. It’s an honor! But just what is involved?
PS. And the same applies to your own affairs as well! Spouses or significant others don’t have the ability to help unless you give it to them. And simply putting their name on things doesn’t solve most of the issues.