As discussed in last week's post, there are a number of life events that should trigger a review of your estate planning goals and documentation, including a marriage, divorce or death in the family. Often certain aspects of an estate plan are missed in a divorce, such as changing the beneficiary of a life insurance policy or bank accounts. Durable powers of attorney should also be updated along with the names on any trusts. This step also includes children who turn 18-years of age, as discussed in a post a few weeks back.
Oftentimes when a child turns eighteen in Michigan and elsewhere it is not considered a major deal, except to the child maybe. But did you know that once your child turns 18 years of age you could be kept out of certain decisions regarding their healthcare, among others? Without a legal document stating otherwise, you as a parent of an adult child may not be the one to choose their medical care or treatment should they become seriously injured or otherwise incapacitated and unable to make decisions on their own behalf.