Is your child 18 years of age and off to college? If so, he/she is an adult in the eyes of the law and has the legal right to control his/her own life. This essentially means that if your child were to lose the ability to make or articulate decisions, medical professionals may refuse to consult with or release information to you. And without the proper documents, you likely couldn't access your child's financial accounts either.
Attached is an interesting article from the WSJ, Why Your College-Age Children Need an Estate Plan, that illustrates what estate planning measures your child needs to take when they turn 18 and the rationale behind it.
Elm Tree Capital provides financial planning and investment advisory services with a strong commitment to customer service. If you have questions about Estate Planning or other personal financial matters, do not hesitate to contact us by e-mail by clicking here or by calling us at 781.930.3003.