We had two of the firm “children” turn 18 this year. Naturally, they were ordered to report to the office to get their estate planning done. As weird as that may seem, when your child turns 18 they are legally an adult. 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.
Just FYI, it also means they can vote, buy dry ice, get a tattoo, buy a car, get married, serve on jury duty and legally enter contracts. The list goes on for what turning 18 means for children but it also brings about changes for their parents.
Once they’re 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 then without a signed HIPAA waiver, you can’t get information about 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.
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 your 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 child’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. Not all children turning 18 are going off to college, some of them still have high school to finish out. Whether they are still in high school or not, you’ll need these documents taken care of. We can help explain everything to your newest adult while providing the comfort and guidance needed.
