Documents Your Children Should Have When They Turn 18
Navigating estate planning for college-bound kids might not be at the forefront of your mind amidst the excitement of high school graduation, but it is a crucial step as they transition into adulthood. Here is why discussing and implementing estate planning documents before they head off to college is essential:
- Medical Power of Attorney or Advance Healthcare Directive: Granting medical power of attorney allows your child to designate an agent (such as you) to make healthcare decisions on their behalf if they are unable to do so themselves. This ensures seamless decision-making in critical medical situations.
- HIPAA Authorization: HIPAA regulations restrict access to medical records once a child turns 18. By having your child sign a HIPAA authorization, you gain the legal right to access their medical records, enabling informed decision-making about their care.
- Living Will: A living will outlines your child’s preferences for end-of-life care, specifying their wishes regarding life support and other medical interventions. This clause can be added to an Advance Healthcare Directive and ensures their healthcare preferences are respected, particularly in terminal illness scenarios.
- Durable Financial Power of Attorney: In the event of incapacitation, a durable power of attorney grants you the authority to manage your child’s financial and legal affairs. This includes tasks like bill payment, accessing financial accounts, and handling legal matters.
Taking proactive steps to address these estate planning considerations before your child heads off to college ensures that you have the legal authority to support them in times of need. With these documents in place, you can confidently navigate potential challenges, knowing that you’re equipped to make decisions aligned with your child’s best interests.