“The family is already going through a horrific time; do you want them saddled with deciding whether there should be cremation or a burial? What if the parents disagree or a sibling disagrees?” he asks.
“If a young person is disabled and unable to take care of affairs, someone needs to make sure money is in the bank so that bills get paid,” Edelman warns. Someone also has to be designated as durable power of attorney so that rent, car payments and other bills are paid.
Most families do not think of this type of planning when sending their kids off to college, but they should.
“It’s a matter of protecting assets, preserving heirlooms, managing accounts while the person is alive but disabled, and making sure the person’s wishes are honored if there is a death,” Edelman says.