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Estate Planning & Power of Attorney for Young Adult Children

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HAPPY GRADUATION TO THE CLASS OF 2024! Thousands of young adults are getting ready to blaze a trail to wherever life leads them next. One crucial tool for navigating the next stage of life is a basic estate plan. Until this year, however, young Nebraskans faced a hurdle in this regard. While you could draft a Will at age 18, you had to wait until age 19 (the age of majority in Nebraska) to draft a simple trust or even powers of attorney. This left even the most prepared young Nebraskans unable to designate their own financial and medical fiduciaries before venturing out into the world.

Parents, when your children become adults, you can no longer make financial or medical decisions on their behalf. This can cause significant challenges if they become incapacitated due to an unexpected injury or illness. Most 18-year-olds do not have significant assets, but they can encounter accidents or other health issues that land them in the hospital. As parents, we want to assist them in such unfortunate circumstances. Having financial and medical powers of attorney in place ensures you can do this for your children.

Fortunately, the recently passed LB1195 legislation allows all estate planning tools to be accessible at the age of 18. This change ensures young Nebraskans can make these important decisions before leaving home, providing additional peace of mind to their supportive parents. The Estate Planning Team at Burnett Legal Group is here to help. We offer free consultations to discuss your estate planning options and ensure your family is prepared for whatever the future holds.

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