Your 18-year-old is an adult. Unfathomable, yes. True? Also, yes. This is not a matter of debate about whether they are an adult in maturity or brain development, it is true as a matter of law. At 18 they have all the rights that adults have, the right to contract, the right to privacy, etc. That means, you don’t have the “right” or ability to be in their business unless they allow you to. It also means they need some estate planning. What?!
At 18, you can’t call their doctor and get information about their healthcare, nor can you make healthcare decisions for them. As you know medical providers are bound by federal HIPAA laws that come with steep penalties if violated. So, if your child is off at college and is sick and hospitalized. Without a signed HIPAA waiver, you can’t get information for your child.
What if you need to talk to the accounting office at the college, they may refuse to speak with you about your child’s tuition.
So what type of estate planning would most 18 year old’s need?
A beneficiary designation on any bank accounts- if something happens, God forbid, this asset will avoid probate and be paid directly to your child’s chosen beneficiaries.
General Durable Power of Attorney- If you child becomes incapacitated their chosen person could make legal and financial decisions for them.
Durable Power of Attorney for Healthcare- This allows your child’s chosen person to make healthcare decisions for them in the event they are unable to make decisions for themselves.
HIPAA waiver- This would allow your children’s chosen people to have access to their medical information from any medical provider.
Having these things provides the peace of mind parents and young adults need before they launch. We can help get things in order for your child. Call us today! 816-601-1234
