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As we head into fall, many parents will see their children prepare to leave home to attend college or pursue other life goals. This can be an exciting and emotional time, and with so much going on, estate planning probably isn’t at the front of your (or their) mind right now.
However, estate planning should actually be a top priority for both you and your kids.
Here’s why: Once your kids turn 18, they become legal adults, and many areas of their life that were once under your control will become entirely their responsibility, whether you take action or not.
1. Medical Power of Attorney
The first document your child needs is a medical power of attorney. A medical power of attorney is an advance healthcare directive that allows your child to grant you (or someone else) the immediate legal authority to make healthcare decisions on their behalf if they become incapacitated and are unable to make these decisions themselves.
Without a medical power of attorney in place, if your child suffers a severe accident or illness that requires hospitalization and you need to access their medical records to make decisions about their treatment, you’d have to petition the court to become their legal guardian.
Not to mention, due to HIPAA laws, once your child becomes 18, no one not even their parents can legally access his or her medical records without prior written permission.
2. Living Will
While a medical power of attorney allows you to make healthcare decisions on your child’s behalf during their incapacity, a living will is an advance directive that provides specific guidance about these decisions, particularly at the end of life.
For example, a living will allows your child to advise if and when they want life support removed should they ever require it.
3. Durable Financial Power of Attorney
Should your child become incapacitated, you may also need the ability to access and manage their finances and legal affairs, and this requires your child to grant you durable financial power of attorney.
Durable financial power of attorney gives you the authority to manage their financial and legal matters, such as paying their tuition, applying for student loans, paying their rent, negotiating (or re-negotiating) a lease, managing their bank accounts, and collecting government benefits if necessary.
Get Help Today & Consult With An Estate Planning Attorney
Before your kids leave the nest, discuss the value of estate planning with your attorney and make sure they have the proper legal documents in place. By doing so, you are helping your family avoid a costly and emotional court process, while also demonstrating the importance of good financial and legal stewardship, which sets your kids on the right track from the very start. We will offer you the support and guidance you need at Hurban Law.
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