Why Your Adult Children Need Their Own Estate Plan?
By Saghir A. Aslam
Rawalpindi, Pakistan
(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfill their religious and moral obligations towards charitable activities).
Though estate may not be on your list of favorite tropics to discuss, it could be a good time to talk about the subject with your grown-up children and grandchildren. Many young adults mistakenly think they don't need an estate plan until later in life. The reality is anyone age 18 or older needs some degree of estate planning.
You could introduce the topic by saying something like, 'Your dad and I have a plan in place for what we want if something were to happen to us. It's not too early for you to be thinking about the same thing. Even though that may seem unthinkable for your adult children now. it's never too early to start planning.
Here are some important topics to cover with your grown-up children or grandchildren along with some key considerations.
Health care power of attorney
If your children are 18 years or older and become incapacitated, in most estate, doctors may not share your child's medical information or let you make health care discussion for them even if you pay their college tuition and still list them as dependents on your tax return. You may have to go to court to get that authority.
That’s why it’s important that your children sign a health care power of attorney (also called a health care proxy) as soon as they turn 18. A health care power of attorney authorizes someone to make medical decisions for them in the event they are unable to do so for themselves.
Talk to your children about who should make decisions for them if they're in an accident or get a serious illness that leaves them incapacitated. It should be someone they know and trust to respect their wishes.
Living Will
Another important document to consider is a living will. It expresses one's intentions regarding the use of life-sustaining measures in the event of a terminal illness. In some estate, this document may be combined with a health care power of attorney, sometimes referred to as an advance directive or health care of declaration.
Broaching such a heavy topic could be challenging, but sharing your own personal preferences for end-of-life care might serve as a good way to start talking to your children about their preferences and the importance of putting those wishes in writing.
What would your adult children want to happen if they could no longer breathe unaided? How do they feel about feeding tubes? Would they want to be kept on a ventilator?
(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds, or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale.)
