No matter how intricate the need, Eileen and Bridget have seen it all, and share their combined 40 years of wisdom for your property and estate planning needs.
This month the Property Sisters share advice for when children go to college, or otherwise spread their wings.
When They Test Their Wings, Should You Adjust Yours?
Your home has memories of children, family and friends. As children graduate college or start their own lives, you have new considerations.
There may be some emotional barriers to navigate. Will children still need a room to come home to? Will they visit frequently, or maybe just a weekend or a holiday? Maybe it’s time to create a fresh, new feeling. Box up childhood memories. Reinvent the bedroom, paint, get new pillows, create a multifunctional room.
If it is time to downsize, where will children or visitors stay? You may be thinking about your health, want less chores or yard work, or don’t want to traverse stairs.
Discuss with your realtor the pros and cons, and find a solution that works for you as children branch out on their own.
Legal Documents When Teens Fly the Nest
Like Eileen, many of you are launching your teenagers, but they still need us to help navigate the world, first jobs, college, and to stay safe. We may pay for them for a few more years. But at 18, they are considered adults, no longer under our guardianship.
Some simple documents are needed as our children turn 18. Power of Attorney (POA) for Healthcare: Off at college, there could be a car accident, party gone awry, or an ER visit. Things happen. We don’t automatically get our child’s information since they’re over 18. In a Healthcare POA, they assign that healthcare authority to you, so you can get information, make decisions, and help with medication or care.
POA for Finance and for Property, so you can still pay their bills, go to the bank or make a car payment for them.
While your child’s college is happy to take your money, they won’t release your child’s progress. The educational act, FERPA, protects student’s educational privacy the way HIPAA laws protect healthcare. For you to help your child through their educational program, they need to give that right to you.
Eileen talked more about these documents in this Facebook LIVE video: “Teen Turning 18?!”:
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For tips and advice, look for The Property Sisters segment each month in PPL. They are always here to answer your questions:
Bridget Gricus (708) 814-6253, bridgetgricus@gmail.com
Eileen Kerlin Walsh (708) 448-5169, Eileen@KerlinWalshLaw.com
