Back to School Tip: Planning for Young Adults
When you celebrate your child’s 18 th birthday, several milestones occur. First, your child registers to vote and experiences the privilege of participating in every local and national election. Second, your parental rights end. This second milestone brings several estate planning concerns.
You may notice that your child’s college will send you a tuition invoice but will not send you a report card or other academic information. You may encounter similar barriers communicating with your child’s bank or credit card issuer. In our opinion, every college student should sign adurable power of attorney authorizing a parent or other responsible adult to make business and financial decisions for them and have access to their personal academic and financial information. Don’t let your child study abroad without taking this important step.
You may notice that your child’s doctors will not communicate with you. What happens if your child is injured at college and is in the emergency room? HIPAA rules protect your child’s privacy, even from you. Every adult should sign advance directives for health careauthorizing a parent or other responsible adult to have access to personal health information and make health care decisions if they are unable to make or communicate decisions for themselves.
If you have a young adult in your household, invest in preserving your parental guidance and protect your child by scheduling a time with us to put their wishes in writing .