PEACE OF MIND
An annual spring reminder with graduation right around the corner, here is an important realization as your child is moving onto a new and exciting stage of life.
While estate planning is probably one of the last things your teenage kids are thinking about, when they turn 18, it should be their — and your — No. 1 priority.
Here’s why: At 18, they become legal adults in the eyes of the law, so you no longer have the authority to make decisions regarding their healthcare, nor will you have access to their financial accounts if something happens to them.
With you no longer in charge, your young adults would be extremely vulnerable in the event they become incapacitated by an accident or injury and lose their ability to make decisions for themselves.
Putting a plan in place could literally save their lives, if your kids are already 18 or about to hit that milestone, it’s crucial that you discuss and have them sign the following documents.
Medical Power of Attorney
Medical power of attorney is an advance directive that allows your child to grant you (or someone else) the legal authority to make healthcare decisions on their behalf in the event they become incapacitated and are unable to make medical decisions for themselves.
For example, medical power of attorney would allow you to make decisions about your child’s medical treatment if he or she is in a car accident or is hospitalized and cannot choose their own medical treatment.
Unless your child is conscious and can identify you as their agent, you need a medical power of attorney to show you have the legal right to make decisions for them. Without a medical power of attorney in place, if your child has a serious illness or injury that requires hospitalization you will have to petition the court to become their legal guardian. While a parent is typically the court’s first choice for guardian, the guardianship process can be both slow and expensive.
And due to HIPAA laws, once your child becomes 18, no one—even parents— is legally authorized to access his or her medical records without prior written permission. But a properly drafted medical power of attorney will include a signed HIPAA authorization, so you can immediately access their medical records to make informed decisions about their healthcare.
Living Will
Also important is a living will, an advance directive that provides specific guidance about how your child’s medical decisions should be made, particularly at the end of life.
A living will allows your child to let you know if and when they want life support removed should they ever require it. In addition to documenting how your child wants their medical care managed.
Durable Power of Attorney
Should your child become incapacitated, you may also need the ability to access and manage their finances and affairs, this requires your child to appoint you as their attorney-in-fact or agent under a durable power of attorney.
Durable financial power of attorney gives you the authority to manage their financial and legal matters, such as managing their financial accounts, applying for student loans, defending legal claims, and collecting government benefits. A durable power of attorney can be set up to spring into effect only upon incapacity or they can be drafted to be effective immediately.
Peace of Mind
As parents, it is normal to experience anxiety as your child becomes their own person with their own life views. While you cannot totally prevent your child from an unforeseen illness or injury you can at least rest assured that if your child ever does need your help, you’ll have the legal authority to provide it.
Congratulations to all of the Class of 2024 and best wishes for your exciting future.
This article is a service of Law Office of Lasca A. Arnold, PLLC. We do not just draft documents; we ensure you make informed decisions about life and death.
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