Why your uni or gap year child needs a will and EPOA

We often talk about what our children are doing after school and all of the stress associated with ATAR scores, university offers or gap year jobs. But If you are about to send a child off to university or a gap-year, there is one more thing you should do as you prepare for the big separation:

Ask your young adult to sign an Enduring Power of Attorney and Will.

These two estate planning documents, while more commonly associated with older people, are essential for young people too.

Without them, parents don't have the authority to manage their young adult child's affairs or make financial decisions if their child were to lose capacity. That means if a young adult is in an accident and becomes disabled, even temporarily, a parent may have difficulty making decisions for their child.