Special Report
Taivi Tayler, Tayler Insurance
This summer, like so many parents across the country, I’m getting ready to send my son off to university. He’s moving out of Ontario, and it’s a much bigger adjustment for me than it is for him.
Will he be safe? Will he stay focused on school (or spend a little too much time enjoying campus life)? Will he find a great group of friends?
Every day I seem to remember something else he needs to pack. A laptop. Winter boots. Lysol wipes.
My son is also heading off to play university sports. He’s about to compete against athletes who are bigger, stronger and faster than he’s used to. As a mom, I can’t help but think about the possibility of an injury.
So, before he leaves, there’s one more thing on his checklist.
This summer, he’s meeting with a lawyer to sign his first will, continuing power of attorney for property, and power of attorney for personal care.
When I work with professionals and entrepreneurs who are parents to young adults, I strongly suggest this and I hear:
“My kid is only 18, they’re a student and don’t own anything.”
Do they own a vehicle? Do they have a bank account? Student loans? A lease for an apartment? A credit card? A cellphone contract?
Most young adults have already started building a financial life, even if they don’t realize it. More importantly, what happens if something unexpected happens?
Here’s What Most Parents Don’t Know
The day your child turns 18, they become a legal adult.
That means you no longer automatically have the legal authority to make healthcare decisions, manage their finances, or even obtain certain information on their behalf. Try calling the university or college to check on their grades, you will be shut down.
Many parents are surprised to learn this.
After all, you spent the first 18 years making or influencing their decisions. Then, overnight, the law says they’re responsible for themselves.
If they become seriously ill or are injured in an accident and can’t communicate their wishes, having powers of attorney already in place can make an incredibly difficult situation much easier for everyone involved.
Without those documents, things can quickly become more complicated than most families expect.
The goal isn’t to expect the worst. It’s to be prepared if life throws an unexpected curveball.
A will and powers of attorney aren’t just for retirees or people with significant wealth. They’re simply documents that allow someone you trust to step in if you can’t make decisions for yourself.
For most young adults, that’s Mom or Dad.
As you encourage your child to get a will and powers of attorney before leaving home, ask yourself: Have you done the same?
If you have a spouse, partner, children, house, debts or a business, these documents are even more important. If you haven’t updated your estate plan recently, work with an estates lawyer in harmony with a certified financial planner. Make it your 2026 summer goal to get your legal documentation completed.
Taivi Tayler, CFP®, CLU®, RRC®, MFA-P™, is the founder and lead financial planner at Tayler Insurance & Estate Planning. She specializes in helping successful families, entrepreneurs, and incorporated business owners grow their wealth, mitigate taxes, and protect their legacy through integrated financial, retirement, tax, and estate planning. To learn more, visit www.taylerinsurance.com.