It is graduation season! For many parents, graduation season is in full swing. You may have a high school or a college graduate. Graduation ceremonies may look a little different this year due to COVID-19 regulations and policies in place at different schools. However, it seems like many schools have found ways to celebrate their graduates even if it looks a little different this year. Congratulations to you and your graduate. Graduation time is a time of reflecting on all a student has accomplished up to that point but also a time for looking towards and planning for the future.
This is a great time to talk with your graduate about the importance of planning for their future, including a discussion about estate planning for the graduate. Many graduates are above the age of 18, meaning that legally mom and dad cannot make all the same decisions for their child as they could when they were a minor. This summer would be a perfect time to set up a free consultation with an attorney regarding financial and medical powers of attorneys. Without properly executed powers of attorneys, parents may not be able to access their children’s medical records or assist in making medical decisions in an emergency. Parents would also not be able deal with financial decisions or sign legal documents on their child’s behalf without financial powers of attorney. So while your celebrating graduation and preparing for the next chapter whether that be preparing to start college or entering the workforce, I recommend meeting with an attorney to discuss powers of attorney for the new graduate.