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Adulthood by Choice
Don't Leave Your Child's Future to Chance
By Sue Marquette Poremba
Although Truly states that young adults should also have a power of attorney, Dunn says a power of attorney is needed only if the young adults have assets solely in his or her name. In this case, a power of attorney would prevent a court-ordered guardianship if the young person is unable to make decisions for himself. "If the assts are at a bank or a stock brokerage company, you should contact them and find out if they have their own power of attorney form," Dunn says. "If they don't have their own form, then you should ask in writing if they will honor your power of attorney if it is ever presented to them. And their response needs to be in writing, as well."
Do new adults need a will, as well? Dunn says he's never written a will for anyone of that age, but if the young adult has any personal assets such as a car or other property or any financial accounts, it may be in the young adult's best interest to write up a simple will. (If the young adult has parented a child, it is imperative to have a will to at least name guardianship should anything happen.) State laws vary, but in most situations, any property or assets will be turned over to the parents.
Watching a teenager make the step from child to adult is difficult for any parent, but the step is a little easier if both the parent and young adult have made all the legal adjustments.
