Young Adult Estate Planning Packages in Illinois

As a parent, planning for your child’s future does not end when they graduate or begin their adult life; it simply takes a new form. Once your child turns 18, you no longer have the legal authority to make medical or financial decisions on their behalf, even if they are away at college or living at home. Many parents are surprised to learn that without the right legal documents in place, they would need court approval to assist during a medical emergency or financial crisis.

At Wilson & Wilson, we recognize the importance of equipping your young adult with the legal tools required for protection and support. Our young adult estate planning packages are designed for families who want peace of mind during this transition. By helping your child put these documents in place, you safeguard their interests and minimize potential challenges you or they may face in unexpected situations.

Why Parents Should Consider Estate Planning for Young Adults

Life is unpredictable, and young adults are not immune to serious accidents or sudden medical issues. If your child becomes incapacitated and has not executed the appropriate documents, you may be unable to help without petitioning a court for guardianship.

A basic estate plan enables your child to choose who can manage their affairs, saving your family from the public, time-consuming, and costly guardianship process. These documents place decision-making authority in the hands of trusted individuals, so you can act swiftly when they need support most.

Key Documents for Young Adult Estate Planning

A well-crafted plan for your child does not need to be complex; it needs to address the essential aspects of healthcare, finances, and asset protection. Our typical packages for families include the following documents:

• Last Will and Testament: This ensures your child’s wishes regarding their assets are clear, which may include vehicles, bank accounts, digital property, and personal belongings. Without a will, state law determines property distribution, which may not match your family’s intentions.
• Powers of Attorney for Property (Finances): Appointing an agent allows someone your child trusts to pay rent, manage student loans, access financial accounts, and handle taxes if your child cannot do so personally.
• Powers of Attorney for Healthcare: This document designates an individual to make medical decisions for your child if they become incapacitated and often includes a wallet ID card so healthcare personnel can quickly identify the appropriate contact in an emergency.
• HIPAA Release: Federal law protects your child’s medical privacy after 18, making it difficult for you to receive updates in a crisis. A HIPAA release ensures you can access vital medical information when your child experiences a health emergency.
• FERPA Release Form: A FERPA release, or Authorization for Release of Protected Educational Information, grants a designated individual access to a young adult’s educational records under the Family Educational Rights and Privacy Act. As part of an estate plan, this document allows parents or guardians to assist with academic matters if needed.