You read that right! Estate planning is a necessary part of life for every adult, not only those with kids and/or an abundance of assets. Now that your child is 18, they are legally classified as an adult and establishing an estate plan is an important step to ensure they are prepared for college and beyond.
Why Does this Matter?
Your child becoming a legal adult means you may no longer have access to any of their healthcare or financial information without their permission. In legal terms, you are also no longer allowed to make decisions on their behalf -even in emergency situations.
Consider the following scenarios:
- Your 18 year old goes on a trip out of the country and they need you to pay their rent while they are gone. Without a proper General Durable Power of Attorney, you are not authorized to handle their accounts or any of their financial matters. The General Durable Power of Attorney is a legal document that designates an agent who can pay bills, make deposits/withdrawals, manage assets and more.
- Your adult child gets involved in an accident and is incapacitated. There are two treatment options, and although you are their parent, you may no longer be allowed to make a decision on which one your child receives. In this situation, you would need a Healthcare Power of Attorney authorizing you to make healthcare decisions on your child’s behalf.
- Your 18 year old is in a car accident and taken to the hospital. You call to get an update on your child’s condition, but the hospital will not disclose any information to you. That is because there is no HIPAA Authorization in place for your adult child. The HIPAA Authorization is a legal document that notifies healthcare professionals who is authorized to have access to a patient’s healthcare information.
Although some of these situations are hard to imagine, they are real possibilities that we believe everyone should be prepared for. That is why Mason Law offers a college plan that establishes a (1) Will, (2) General Durable Power of Attorney, (3) HIPAA Authorization, (4) Healthcare Power of Attorney, and (5) Living Will for your adult child. Their college plan will allow for more peace of mind, as they leave for college knowing they are properly protected and prepared.
How Do I Sign Up?