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Young Adult Children Need Documents too
Turning 18, graduating high school, and moving out is a huge accomplishment for your child that is going off to college in the fall. And it also comes with some serious responsibilities that probably aren’t at the forefront of their (or your) mind right now.
Once your children become legal adults, many areas that were once under your control are now solely up to them.
Here’s the big one: Before they turned 18, you had access to their financial accounts and had the power to make all of their healthcare decisions. After they turn 18, however, you’re no longer able to do either.
Before your kids head out into the world, you should discuss and have them sign the following estate planning documents, so if they become incapacitated, you can easily access their medical records and financial accounts without having to go to court. Signing these documents will ensure that if they ever do need your help and guidance, you’ll have the legal authority to easily provide it.
Essential Documents for Young Adults
If you have young adults going to college, consider getting the following:
- Health Care Directive (HIPAA release, end of life decision)
- Medical Power of Attorney (Health care decisions)
- Statutory Power of Attorney (Financial decisions)
As your child packs their bags and prepares for college, don't overlook the importance of handling their legal affairs. Don't let the joy and excitement of going off to school be overshadowed by the “what if something were to happen".
MEDICAL POWER OF ATTORNEY
Medical power of attorney allows your child to name an agent (like you), who has the power to make healthcare decisions for them if they’re incapacitated and cannot make such decisions for themselves. For example, this authority allows you to make medical decisions if your child is knocked unconscious in a car accident or falls into a coma due to an illness.
That said, while medical power of attorney would give you authority to view your child’s medical records and make treatment decisions, that authority only goes into effect if the child becomes incapacitated.
This means that unless your child is incapacitated, you do not have the authority to view their medical records, which are considered private under HIPAA.
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