It is that time of year again. Graduation, open houses, and sending the next group of young adults out into the world. College, trade school, entering the working world—there are so many decisions to make.
One item that often gets overlooked for young adults is the need for Estate Planning. You might think, “Why would a young adult who just graduated high school need estate planning?” This month we focus on educating both parents and young adults alike on the importance of planning during this exciting time and sharing details about our annual scholarship opportunity!
The Reality of Turning Becoming a Young Adult: What Changes Legally When You Turn 18?
Yes, to answer the question above, a young adult does need an estate plan! This is often something overlooked until the unexpected happens and the importance is brought front and center.
When a young adult turns eighteen, parents lose the legal authority to make financial and medical decisions on their behalf. This means parents can no longer manage financial accounts, access health records, make medical decisions, or handle other important legal matters, even in an emergency.
Two Essential Documents Every Young Adult Needs
Every young adult should have two very simple legal documents in place:
1. Power of Attorney
The Power of Attorney (POA) grants parents, or whoever a young adult trusts most, the ability to handle financial and legal matters. Some examples of these tasks include:
- Paying bills and accessing bank accounts.
- Discussing tuition and other financial items with college or vocational schools.
This document becomes effective immediately upon signing and helps navigate financial and legal issues that could pop up both while navigating college life, or just life in general for young adults.
2. Medical Power of Attorney
The Medical Power of Attorney grants parents, or that trusted adult, the ability to handle medical situations on behalf of the young adult, if they should not be able to do so for themselves. This document is essential in emergency medical situations to allow physicians to share information—otherwise protected by HIPAA—so decisions can be made for medical care.
Planning for Every Path (Not Just College)
It is not just going away to college that prompts the need for young adults to create the documents mentioned above. We know not every young adult walks the college path in our ever-changing world!
Lots of other situations can happen far from home, such as vacationing with friends, studying abroad, or even just the normal day-to-day. We never know what may happen. Having a Power of Attorney and Medical Power of Attorney is an essential step to navigating adulthood and helps both parents and young adults alike have peace of mind!
Investing in the Future of Young Adults in Indiana: Our 2026 Scholarship Winner
In addition to helping young adults plan for what comes next, Indiana Estate & Elder Law is also proud to support our community’s future leaders!
Annually we offer one $1,000 scholarship to a high school senior or graduate from Hamilton County, Parke County, Wabash County, or Johnson County, which are the county locations of our current offices.
Update: We just recently announced our winner for 2026! You can find more information on our website if you or someone you know may be interested in participating next year.
Let Us Help You Navigate What Comes Next
If you have a young adult ready to enter this next phase in life, or you are a young adult ready to set off on the next chapter, we would love to help you navigate what comes next! As always, we are just a phone call, text, or email away should you need anything.
Congratulations to all of the recent High School Graduates! We wish you success and happiness in your next adventures!
📅 Ready to Protect Your Graduate?
Don’t wait for an emergency to find out you’ve lost the legal authority to help your child. Securing a Power of Attorney and Medical Power of Attorney is a quick, simple step that brings immense peace of mind.
Click here to schedule an initial consultation with our team today!