The Young Adult Protection Plan
If Your Older Teen or Young Adult is Leaving the Nest, Send Them with Your Protection
Did you know that once your child turns 18, you no longer have access to help with or discuss their medical needs or their finances? It’s estimated that 4,000,000 million teens will celebrate their 18th birthday in 2022. 76% of those teens will not be able to receive help from their parents when they need it most, simply by failing to have a plan legally in place.
No longer a minor in the eyes of the law, the day your son or daughter turns 18, is the day you no longer have access to their personal information and accounts. In the event of an illness, accident, emergency, or even just a bad decision, parent’s hands are tied by the law, unable to assist with medical or financial matters. This is why Mannor Law Group has created the Young Adult Protection Plan.
What Is the Young Adult Protection Plan?
While anyone over the age of 18 should have an estate plan, this specialized planning tool is designed especially for families who realize the importance of giving their teen’s the comfort and protection of being able to help no matter what.
This affordable, basic estate plan contains important tools you need as a parent to assist your young adult or teen with finances, healthcare and important medical decisions, access to digital and social media, online accounts, and more.
What Documents Are Included with the Young Adult Protection Plan?
- Basic Will
- Powers of Attorney for Financial & Medical Matters
- Digital Asset & Account Protection
- Healthcare Insurance Portability and Accountability Act (HIPAA) Documents
How Can This Planning Tool Help You Support Your Young Adult or Teen?
The Young Adult Protection Plan will allow parents and trusted guardians to:
- Schedule and discuss medical appointments with healthcare professionals
- Transfer funds from and to financial accounts
- Discuss financial matters with account representatives
- Access social media accounts and online assets in an emergency
- Make important decisions regarding medical and lifesaving treatment
- Remove some of the burden for loved ones during a worst-case-scenario
Peace of Mind is Possible - Getting Started is Easy
The Young Adult Protection Plan is designed to be simple and affordable – the perfect gift to send off your college-age student. Some parents give them a microwave, you can give them your ongoing protection. Call (810) 694-9000 or contact us here or by using the web form below.
Frequently Asked Questions
Are there restrictions or requirements to be eligible?
- While this plan is mostly for the parent’s peace of mind, this plan is ultimately for the young adult and requires their complete consent and signature.
Age limits – do they exist/does anyone age out of this plan?
- Once the plan is in place, it is legal and binding until a new plan is created or the circumstances change. In fact, the young adult will want to update their plan when they reach certain milestones like marriage, becoming a parent, owning a home, acquiring assets or an inheritance, etc.
Can the young adult be fully employed or part time employed and still be entitled?
- Yes, absolutely. Every adult over the age of 18 should have this type of plan in place, regardless of their employment or education status.
What if the young adult attends college out of state? Is the plan still valid?
- If your teen or adult is still a resident of Michigan but attending school out of state, this plan will be valid. If their residency changes, however, they will want to consult with an attorney who is licensed in their new state to see if there is any state specific information that should be included.