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COVELLI & PISCIONE LAW OFFICES, P. C.
PEACE OF MIND FOR PARENTS
As we watch the Class of 2025 prepare to enter the next phase of their lives and set off into the“ real world,” we’ re met with excitement, promise, and hope for the future. The next generation of business owners, community leaders, educators( and yes, estate planners) are all forging their own paths in our community.
While no one is more excited for these young adults than their parents, these parents of kids in their late teens and early 20s are also faced with a whole new set of concerns. Helping newly adult children navigate the world comes with its own set of challenges.
In between completing financial aid papers, updating immunization records, reviewing and guaranteeing leases, and potentially co-signing auto loans, parents of young adults are in the unique position of assisting people that the law considers legally competent to sign documents. However, these young adults likely lack the realworld experience, financial resources, credit history, and practical knowledge to accomplish many of these objectives on their own.
Between health privacy laws, banking privacy laws, and education privacy laws, many parents may find themselves unable to access their children’ s information in order to file appeals or dispute charges without their children being physically present on a telephone call. This can be true for insurance and for items related to higher education— even if you’ re the parent paying the tuition.
The struggle is even more pronounced for young adults with disabilities or those who receive public benefits or social services. They are legal adults, and have the legal capacity to make decisions for themselves, but may require extra assistance in order to make those decisions.
These problems can all be avoided with a properly drafted and executed Power of Attorney. Powers of Attorney can be financial, medical, or combined. The powers can be broad or they can be limited. Anyone over the age of 18 who has the legal capacity to execute documents can have a Power of Attorney. These documents are fully revocable and can be rescinded or changed as the Principal( the person executing the Power of Attorney) matures and circumstances change.
We often tell parents of very young children that the best thing they can do to protect their children is to have a comprehensive Estate Plan for themselves, so that there is continuity of care for the children both physically and financially. However, the best thing that parents of young adults can do is to inform their children of the importance of having their own Estate Plan.
Before your new graduate embarks on the next adventure, you can schedule a free initial consultation with an experienced estate planning attorney at Covelli & Piscione Law Offices, P. C. The practice has been serving the local community for more than 30 years, and can offer customized estate planning solutions for adults of all ages.
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys, and has been providing Estate Planning and Estate Administration legal services for nine years. The team of Attorneys at Covelli & Piscione Law Offices is experienced in several areas of the Law. For more information, call 412.653.5000 or visit covellilaw. com.
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BRENTWOOD-BALDWIN-WHITEHALL ❘ SUMMER 2025 1