This exciting time of year brings prom, graduation, and prepping for college. But before your 18-year-old heads off, there’s something crucial to consider: their estate plan.
Why Estate Planning for Young Adults?
You might think, “Why does my financially dependent teen need an estate plan?” Here’s why: At 18, they’re legally an adult responsible for their own medical and financial decisions. Imagine if they have an accident or illness away at school. HIPAA laws prevent hospitals from sharing information without proper documents. You could also be limited in your ability to make decisions regarding their care. You read that correctly: Mom and Dad are no longer in charge of them, at least legally. And, it doesn’t matter to these institutions if you are the one paying the bill. We understand that this seems crazy to every parent because in your eyes, they are still “just a kid.”
The Importance of Three Key Documents
So, what are parents supposed to do if they need to help their teenager?To ensure that you can access to information and are able to make decisions when needed, there are three essential documents that must be in place:
- Healthcare Proxy (HCP): This designates someone to make medical decisions if your child can’t. Include a primary and alternate agent.
- HIPAA Authorization: This allows designated individuals to access your child’s medical information, ensuring you stay informed.
- Durable Power of Attorney (DPOA): This empowers someone you trust to handle legal and financial matters if your child is incapacitated.
Limited Time Offer! June 26 – September 30, 2024
When you complete YOUR estate plan with us, you’ll receive a FREE Healthcare Proxy, Durable Power of Attorney, and HIPAA Authorization for them! Your child needs to be 18 – 21 years of age. They do not need to be attending college to be eligible.
Peace of Mind for Parents
Sometime between those graduation parties and dorm room shopping, be sure to schedule an estate planning consultation with one of our attorneys. Let us help ensure a smooth transition for your child and peace of mind for you.
Disclaimer: This information is for illustration only and doesn’t constitute legal advice. Every situation is unique, and legal guidance should come from an individual consultation with an attorney.
Surprenant & Beneski, P.C., 2024