As a parent, it can be difficult to let go and watch your child grow into an independent adult. At 18 years old, they are legally considered an adult and are able to make their own decisions, including financial and legal ones. However, as a young adult, they may not yet be fully independent and may still be relying on their parents for financial support or guidance. This shows how even though they are expected to have a plan in place, they most often do not even though they new responsible.
This becomes especially important to consider when a young adult goes abroad for college or other educational opportunities. While studying abroad can be a rewarding and enriching experience, it also introduces a level of uncertainty and potential risks. One of the most devastating scenarios a parent can imagine is their child going missing while abroad.
In such a situation, having a sound estate plan in place can provide peace of mind and clarity for both the young adult and their family. Parents, this is a gift that you can give your children. This includes having a will or trust in place that outlines their wishes for their assets and how they would like them to be distributed in the event of their passing. It also includes designating a power of attorney and healthcare proxy, who can make decisions on their behalf if they are unable to do so themselves.
While it can be difficult to think about these kinds of worst-case scenarios, it is important for young adults to be encouraged to have a plan in place before embarking on any significant life transitions, such as studying abroad. By taking the time to discuss and plan for the future, both parents and young adults can have the peace of mind knowing that their wishes and interests are protected, no matter what the future may hold.
