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Our "babies" grow up! At the blink of an eye, we are buying dorm needs seeing a young adult flourish in front of our eyes. College-age children have very specific needs as well. Even though we won't need a legal guardianship to care for them, absent special needs, upon their 18th birthday, in the state of Florida, they are considered adults and, as we can no longer make legal or medical decisions for them.
We have parents shock at this news all the time. They don't understand why they cannot continue to make decisions for their "babies." The reality is, they are not babies anymore and legal documentation is needed so we, as parents can act for their best interest if ever needed. So, it is important to have college-age children put basic planning in place, especially planning to provide their parents or a trusted adult with access to their medical records and medical decision-making.
Very special instructions for parents: as your child is now an adult, you cannot do the planning for your child. The child must be present and the child is the one making the decision as to who can and cannot make decisions for herself or himself. Yes, they have grown up. More so, make sure the right plan is in place to protect your young adults.
We normally include basic planning for college-age children complimentary when the parents complete a Trust Plan with us. Click here if you want to sit with us and Learn More.
Remember that Estate Planning is not just about money, it is about you and your rounded well-being.