You’ve watched your children say their first words, take their first steps, learn the alphabet and times tables, have their first heartbreak, and transition into junior high. They have made it through the first 3 years of high school and are sending in college applications to the universities of their dreams.
It is their senior year, and they have just reached the big one eight. They are now legal adults in the eyes of the law, but what does that mean for you? Just because they have turned 18 does not mean they are ready to be cut off. They need your wisdom and your support, especially when it comes to issues that they most likely have never thought about.
Many young people believe they are invincible. We know, though, that they are not. While it is difficult to imagine your child in a life-threatening situation, it is important that you consider it and take the steps to ensure that you can be by their side in case of an emergency. Without proper documents, it may be challenging and costly to support them when they need you most, as you will no longer have an automatic authority to make medical decisions for them on their behalf.
Taking the proper steps now can ensure that you and your family are prepared for the future, no matter what it brings. Conversing about estate planning and having your children sign these 3 important documents is how to begin.
Medical Power of Attorney
The first necessary document is a Medical Power of Attorney, which appoints you or someone they trust as their agent to make medical choices on their behalf should they become incapacitated or incapable of making their own medical decisions. Without a Medical Power of Attorney in place, should they be hospitalized and or become incapacitated, you would not have access to their medical records and would need to petition the court to become their legal guardian.
Durable Financial Power of Attorney
The next document you need is a Durable Financial Power of Attorney. This enables you, the parent, or another responsible adult to handle personal matters if your child cannot do so. A Durable Financial Power of Attorney document would enable your child’s agent to handle crucial duties such as signing tax returns, paying bills, and accessing your child’s bank accounts. Without this document in place, you would have to petition the court, which can be lengthy and costly.
HIPAA
The third document you need your child to sign is HIPAA. This authorization designates who is permitted access to your child’s private medical information. If more privacy protection is sought, specific information can be expressly omitted, such as drug use, sexual activities, and mental health difficulties.
Leave the Nest the Right Way
Graduating high school and going off to college is a milestone, not only for children but for parents as well. With so much change going on, it is easy to get distracted and caught up in all the chaos. Take the time now, while you still can, and plan. With an estate planning attorney, you can have these vital documents drafted and signed so that they are ready in case of an emergency. By contacting Legacy Counsel today, you can ensure that you will be able to stand by your child’s side and support them if they cannot support themselves.
Call us at 305-907-5540 to schedule a free 15-minute consultation or visit our website at www.LegacyFreeCall.com. We look forward to hearing from you and helping you and your family along this journey.
