As children race past the milestone of high school and sprint expectantly toward their brightly shining futures, among the least concerning points for their consideration is the need for estate planning. But, as most high-school graduates are above the age of eighteen, there are important new factors parents and children must consider. Legally adults, high-school graduates’ medical information is protected from parents. While this may avoid some awkward conversations down the road, this can create serious issues; hospitals cannot provide any information about a child’s status to a parent over the phone. Additionally, many young adults begin accumulating assets as they enter college. Because these assets initially maintain minimal value, the cost of probating may be excessive relative to the value of the estate.
Tackling estate planning with your child this summer can be a great way to introduce them to the responsibility of becoming an adult while also helping put your worries at ease as they head off to college or their next venture.
See Scott Krase & Lawrence Gregory, Estate Planning for Your High School Graduate: That’s Right, Your Babies are Adults Now!, Iris, June 27, 2017.
