Parents are often amazed when their children finally become adults. Turning 18 is a celebratory milestone; no doubt the experience will leave you wondering how the years flew by so quickly. And even though your child will always be your baby in your eyes, once they turn 18, the law sees it very differently. At the age of 18, parents are immediately barred from accessing any health, education, or financial records for their children, and they’re no longer allowed to make any legal decisions on the child’s behalf unless you and your child have formally documented otherwise. And since many 18-year-olds are heading off to college for the first time, this loss of parental control can introduce some unexpected challenges. Whether your child gets themselves into financial trouble, is failing a class but hasn’t told you or, worse, has been admitted to the hospital, without the proper legal documentation in place you’ll no longer have access to the information necessary to help. But you can prepare ahead of time by adding the following four documents to your estate plan to designate you as the legal representative of your child. This will allow you to maintain access to vital information to help them make decisions. Financial Power of Attorney - This document allows you to continue to act on your child’s behalf regarding finances. Here are two very different yet equally important reasons you may need this: -Assisting in financial affairs. You will continue to have access to your child’s financial matters, such as tax deadlines, credit cards, contractual obligations and other time-sensitive financial decisions that might get overlooked by your young adult. -Taking over financial affairs. Should your child become incapacitated, this would allow you to continue to pay bills, sign checks, make deposits, sign tax returns, and more on your child’s behalf. Without one, your family will need to spend time and money on probate court to get a financial power of attorney assigned. HIPAA Healthcare Authorization - The Health Insurance Portability and Accountability Act (HIPAA) is a law that keeps medical information private by denying any third-party inquiries into one’s current medical conditions or medical records. This includes questions or information requests from you about your adult child. Having a HIPAA authorization form on file essentially cancels out this law. It allows you to maintain access to information to stay up-to-date on procedures, conditions, or healthcare issues. Since turning 18 marks the beginning of true adulthood in the eyes of the law, having the appropriate documents in place can help you and your child better navigate this transitional time period and avoid any unexpected consequences. If you have any questions regarding the benefit of these documents or how to move forward with them, let’s connect. |
Parenting Doesn't Stop When They Turn 18 🎂
