The Tyra Law Firm, LLC

Helping our neighbors plan for their family’s future and avoid painful issues.

  • The Tyra Law Firm, LLC
  • Neil W. Tyra, Esq.
  • Practice Areas
    • Estate Planning
      • Power of Attorney
      • Wills
      • Advanced Health Care Directives
      • HIPAA Authorizations
      • Trusts
    • Elder Law/ Medicaid Planning
    • Family Law
      • Prenuptial Agreements
      • Divorce
      • Marital Separation Agreements
      • Child Custody
      • Child Support
    • Personal Injury
      • Auto Accidents
      • Premises Liability
  • Testimonials
  • Videos
  • FAQs
  • Events
  • Blog
  • Contact
post

This Summer, Introduce Your College Kid to the World of “Adulting”

June 24, 2019
Neil Tyra

You may have already noticed the changes: your college kid is home for the summer with a new perspective, new friends, new interests, and maybe even a new sense of being an “adult.” He or she is taking on more responsibility and is demanding to be treated accordingly. This can be a thrilling — albeit, terrifying — time of shifting relationships. While your college kid may still want you to make them breakfast (and throw a few loads of laundry in the machine), they are also asking that you understand and respect their newfound adulthood.

There is Never a Comfortable Time to Start Talking about Money

As he or she steps out into the world as an adult, your college kid needs to be prepared. Have you ever sat down and talked about money with them? I know, it’s a difficult conversation to have, and it may be pretty awkward. But, here’s the thing: your kid is out there in the world already. He or she may have a job, may be managing a budget, may even have regular payments to make like car payments, insurance, credit cards, gas. It may seem like this is a far way off, but your kid will eventually need to be responsible, not only for their own money, but for yours. Have you considered what your kid would do if you passed suddenly? As an adult, would he or she inherit your assets immediately? Or do you have a mechanism in place to delay their inheritance? Either way, talking to your kids about money is starting to sound pretty darn important.

Financial advisors, attorneys, and wealth experts agree: the best thing to do is to communicate and educate the younger generations about financial literacy. Communicating your family’s values and financial “mission statement” to the next generation can ensure that they are prepared to build their own financial plan, manage wealth, and eventually inherit in the future.

Does Your College Kid Have an Emergency Plan in Place? 

I know, money was a tough subject to begin this article. For some reason, it is so much easier for parents to talk to their kids about the possibility of medical illness and physical harm than it is to talk about savings, debt, and budgeting. So, maybe start here instead. You’ve been telling your kid since he or she was small to be careful. You have warned them about all the dangers out there, and they are prepared for anything. But are they reallyprepared? Do they have an emergency plan in place if they become sick, injured, or unwell? Do they understand how their insurance works? Do they know how to seek out medical help on their own? If they are incapacitated, do they have the appropriate documents in place that allow you to speak with their healthcare providers? We’ve written extensively about this before, but your kid needs a solid plan so they know what to do if the worst should occur.

At the very least, all college-aged kid needs

  • A Power of Attorney
  • An Advance Healthcare Directive
  • A HIPAA Authorization
  • And a Living Will

Being There for Your Kid without Being Right There

Have I sufficiently terrified you to the point that you are reaching for the phone to set up GPS tracking on your college kid’s devices? I hope not. Of course, my intention isn’t to point out the inevitable: your baby is growing up. I know you know that. My intention is to raise the question, have you taken the necessary steps to start treating your kid like a true adult? Have you initiated this difficult and important conversation with them? The truth of the matter is, you won’t always be able to be right there for your kid to help talk them through difficult decisions and painful moments. All you can do is your best to prepare them now.

The Ultimate in Adulting: Introduce Your Kid to Your Lawyer 

Ok, at this point you may be looking over the edge of your laptop at your brand-new adult thinking, “There is no way I am going to be able to talk to thatkid about anyof this.” Don’t worry. You don’t have to do it alone. What could be more adult than taking your kid to meet with a lawyer? Having a neutral third party who is experienced at initiating these tough conversations in the room can be a huge help. Not to mention, an experienced estate planning attorney can help you get your kid’s plan in place right then and there! (And yours, too, if you’ve been slacking!) Call our office at (301) 315-0811 to set up an appointment this summer.

Share this...
  • Facebook
  • Twitter
  • Linkedin

Filed Under: Estate Planning

Recent Posts

  • Your Adult Child’s Estate Plan: Why It’s Important?
  • What If You Fail to Name a Beneficiary?
  • Marital Separation and Estate Planning – Avoiding the Elective Marital Share Problem
  • Update Beneficiary Designations to Avoid a Disaster
  • Pet Trust: Will the Dog Inherit More Than Me?

Social Media Links

  • Facebook
  • linked in
  • twitter
  • (301) 315-0811
    neiltyra@tyralawfirm.com

Quick Links

  • The Tyra Law Firm, LLC
  • Rockville Estate Planning Attorney • About Us
  • Practice Areas
  • Testimonials
  • Estate Planning FAQs
  • Blog
  • Contact

Other Pages

  • Free Resource
  • Newsletter
  • News
  • Privacy Policy
  • Disclaimer

Contact Details

199 East Montgomery Ave.
Suite 100
Rockville, MD 20850
Phone: (301) 315-0811
E-mail: neiltyra@tyralawfirm.com
    Get Social:
  • Facebook
  • linked in
  • twitter
Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters, and electronic mail. Contacting us does not create an attorney-client relationship. Click here for full disclaimer.
Created by The Tyra Law Firm, LLC
© 2023, The Tyra Law Firm, LLC