Why You Should Get Your Kids An Estate Plan
When A Kid Turns 18, He Or She Is Thinking About College, Boyfriends Or Girlfriends, Music & Fun
The new ADULT is NOT thinking about an estate plan and you probably aren’t thinking of one for him or her either.
But you should be.
Let’s dial it back to the the things that could go wrong. When your child is away at school, traveling or perhaps working and attending school while still living at home, he or she could get into a car accident, a bike accident or even something unforeseen while hanging out with friends. The moment you child turns 18, you are no longer entitled to know anything about their medical records or care. You are not automatically entitled to help with their medical treatment even if you are still paying for their health insurance!
Imagine your kid needing treatment in another state or town and you cannot help in any way at all without a court saying you can. It happens.
You must have your adult child prepare a health care proxy with an HIPAA release. This law provides for privacy of health records for anyone over age 18. As your child’s parent and chosen designee as their agent, when you appear on the form, you may have access to medical records and may assist in making health care decisions for them in the event they cannot do it themselves.
This is also a great time to have your child complete a Durable Power of Attorney giving you the right to oversee their finances should he or she become incapacitated.
No one ever wants to NEED these three documents, but when they are completed, everyone can rest assured knowing they can take care of business if the event where they are needed presents itself.
When A Kid Turns 18, He Or She Is Thinking About College, Boyfriends Or Girlfriends, Music & Fun
The new ADULT is NOT thinking about an estate plan and you probably aren’t thinking of one for him or her either.
But you should be.
Let’s dial it back to the the things that could go wrong. When your child is away at school, traveling or perhaps working and attending school while still living at home, he or she could get into a car accident, a bike accident or even something unforeseen while hanging out with friends. The moment you child turns 18, you are no longer entitled to know anything about their medical records or care. You are not automatically entitled to help with their medical treatment even if you are still paying for their health insurance!
Imagine your kid needing treatment in another state or town and you cannot help in any way at all without a court saying you can. It happens.
You must have your adult child prepare a health care proxy with an HIPAA release. This law provides for privacy of health records for anyone over age 18. As your child’s parent and chosen designee as their agent, when you appear on the form, you may have access to medical records and may assist in making health care decisions for them in the event they cannot do it themselves.
This is also a great time to have your child complete a Durable Power of Attorney giving you the right to oversee their finances should he or she become incapacitated.
No one ever wants to NEED these three documents, but when they are completed, everyone can rest assured knowing they can take care of business if the event where they are needed presents itself.
