May is graduation month. This is a time when many of you may be celebrating your
children’s academic achievements, and even getting ready to send them off to college.
During this hectic and emotionally tumultuous time, you as a parent may be
allconsumed with helping prepare their soon to be college student for the next phase,
causing them to overlook important estate planning matters. It is important to understand
that once a child turns 18 years old, you do not have the same parental rights you once
had. This makes estate planning all the more important for your adult children.
1. Durable Power of Attorney for Health Care
Every year, roughly a quarter of a million young adults between the ages of 1825 wind
up in the hospital. From alcohol poisoning and nonlethal accidents to unexpected
illnesses, it’s important to hope for the best but prepare for the worst. Once a child
reaches the age of 18, a parent’s decision making role is significantly diminished,
especially in regards to making healthcare decisions.
Should your child get in a car accident, or fall ill and not be capable of making their own
medical decisions, then without a durable power of attorney naming the parents as
health care agents for the child, the parents cannot make medical decisions on their
child’s behalf. If you want to ensure that you can continue to make healthcare decisions
for your child, working with your child to create a health care power of attorney should be
at the top of their todo list.
2. HIPPA Authorization
In order to make informed medical decisions, it’s important to include a HIPPA
authorization form along with a health care power of attorney. Without it, parents would
be unable to communicate with healthcare professionals and insurance companies, as
well as access your child’s health records and previous treatment information.
3. Durable Power of Attorney (Finances and Property)
Similar to a health care power of attorney, a financial power of attorney gives parents the
ability to make financial decisions on their child’s behalf, should they be unable to do so
themselves. Should the child become disabled for any reason, then you would still be
able to pay your child’s rent, credit card bills, utilities, access bank accounts and
financial records, as well as manage any loans they may have without going through the
intrusive and costly court process.
4. FERPA Release
The Family Educational Rights and Privacy Act is designed to protect a college student’s
privacy, but it can also leave parents locked out in an emergency. A properly worded
release can allow parents to talk to school officials and release pertinent educational
records and information should they need it.
5. Last Will and Testament
While many parents don’t want to think about this topic, especially as their child leaves
home, it’s an important one to add to the list. A will allows parents to honor their child’s
wishes on what should be done with their social media accounts, bank accounts, and
personal assets. It also allows the child to specify any funeral arrangements they would
like to have.
Contact us today for a no-obligation estate planning consultation. Se habla español. 305-851-2189