It’s graduation time! Your kids survived calculus, physics, and navigating complicated social dynamics. Congratulations to both your graduate and you as a parent for getting them this far! With adulthood comes new exciting opportunities to look forward to and also potential hazards that often get overlooked.
Two legal areas that can come up are purchasing real-estate for your graduate and being able to continue to make decisions when needed for your graduate around health care and finances in case of emergency. Things that were automatic as a minor now need to be accounted for to prevent stress, unneeded expense and potential life altering implications.
A Milwaukee real estate and estate planning attorney from McLario Helm Bertling & Spiegel can help you ensure your young adult is ready for grown-up choices and you can continue to be there for them when they need you most.
Real Estate for College Students and Young Adults
While clothes and electronics are certainly pricey, some of the most valuable purchases we will ever make are centered around real estate and other property. If you are considering purchasing real estate for your young adult to live in or perhaps live in with roommates you may want to consult an attorney that walks you through what your liability might be and prevents potential headaches down the road.
Buying a home for your graduate can turn into a true investment opportunity if done right.
Financial and Health Care Decisions for your Graduate
In addition to the transactions of the property, young adults also need to understand the importance of estate planning and you as their parent the changes that happen when they become a legal adult. At the age of eighteen parents no longer automatically have rights to their child’s health records or to be able to make health decisions for them. If your child is in an accident and can’t make decisions for themself you should ensure you are named in a healthcare power of attorney to make these decisions when they can’t. Sometimes in these situations, you don’t have much time to make decisions so not having to go through the courts or additional hassle can change the course of your child’s care.
In addition to health care issues parents typically no longer have access to make financial decisions for their graduate either. This includes things like transferring funds, making withdrawals from accounts or signing financial documents. If your child is moving away they might appreciate having you on their account to handle any issues that come up or should they be in an accident of some type and incapacity you can access their accounts to pay their rent or other bills when they are unable to.
As your child starts to accumulate more assets in their own name it can be important to name proper beneficiaries on their accounts as well because their assets would not necessarily be transferred to their parents. An attorney can help navigate the path with a family meeting to ensure you and your child are set up for success and prevent future unnecessary heartaches.
Let Us Help You
Our Milwaukee attorneys have experience, not only, in real estate and estate planning, but also in working with all of your advisors and family members to navigate these matters. Contact our office, today, about speaking with your new adult children so that they get the important info that school left out.