As children turn 18 and become legal adults, it's important for parents to be aware that they no longer have legal authority over their child's finances, healthcare, or personal decisions. This means that parents should encourage their children to create certain estate planning documents to ensure their wishes are carried out in the event of incapacity or death. In this episode, Liz Derrick, Senior Vice President of Partnership Development with LPL Financial, shares her personal story about needing to go to court during her daughter's health crisis. It's important for adult children to work with an estate planning attorney to create a Health Care Proxy and Durable Power of Attorney. With these documents in place, parents can have peace of mind knowing that their child's wishes will be carried out in the event of incapacity or death.
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