Last week one of my clients called to ask if I could meet with his children to help them with their estate plan.  Of course, I said I would be happy to help!  He added that he wanted to pay for their planning as a Christmas gift.

His children are ages 21 and 23, and while they don’t have much in the way of assets, he figured that they at least needed the basics – a Florida Last Will & Testament, Durable Power of Attorney and Designation of Health Care Surrogate.  The truth is, once a child reaches age 18, a parent can no longer make legal decisions for them.  What happens of your 19 year old daughter is in a bad car accident?  Who can talk to the doctors and pay her bills (using her bank account) while she is incapacitated?  Without difficulty, no one can really act.  If she was incapacitated for any period of time, a court appointed guardian could be required.

These issues are alleviated by gently suggesting to your adult children that they pursue some basic estate planning.  Presumably, they will name one or both of their parents as a financial agent and medical surrogate.  Also, a simple Will can be better to outline the wishes for the disposition of their assets.  If they get married later, logic would suggest that their spouse would take on the agent and surrogate roles.  Regardless of the individual named in these types of documents, having them in place will give peace of mind for both parents and their children.  Best of all, this type of estate plan does not have to be expensive!

It’s a different kind of gift for Christmas, but I think its a pretty thoughtful and loving gift.  As always, we are here to serve.  Merry Christmas!