One of the unfortunate outcomes when someone passes away is that the surviving family members may end up in conflict for many years over the estate. Having a well thought out estate plan can help ensure that a family does not get torn apart upon the death of a loved one.
While your 18-year-old may still be a child to you, remember that he or she is now legally an adult. You will no longer be able to make your child’s health care decisions on their behalf. And as parents, you also cannot act on your child’s behalf in financial transactions.