On April 14th for we hosted, Estate Planning Across the Spectrum- How Young Adults and Senior Citizens Benefit from Estate Planning, with by Pam Pardoe. Estate planning has little to do with age or assets; it is not only for families with children or the wealthy. Once an individual reaches the age of majority, 18 in most states, including Massachusetts, their parents will no longer be able to access medical information or make healthcare decisions for their child and will no longer be able to act on the child’s behalf in financial transactions. At the opposite end of the spectrum, elderly folks may benefit or require help with healthcare needs and financial decisions; if the proper documents are not in place, the result could have a dramatic and costly result.
There are a few simple estate planning documents that a young adult or senior citizen can complete which can direct health care providers and medical professionals as well as banks and financial institutions to communicate with those people identified in the documents. Proper estate planning can provide peace of mind to parents who will be able to stay involved in their children’s healthcare and financial decisions. Similarly having the estate planning documents in place can provide peace of mind to those caring for their parents so they can help make healthcare and financial decisions if the need arises.
Pamela Pardoe is the founder of Pardoe Law, P. C. a family law and estate planning law firm based here in Lexington, MA. She works with individuals and families on creating estate plans tailored to each client. Pamela has experience with all aspects of guardianship and conservatorship proceedings for minors and adults.
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