Packing for College? Don’t forget the power of attorney and health care directive!
Your little boy or girl is no longer a child; they are now legally young adults heading to college. How exciting but also worrisome!
As young adults, they will be legally entitled to manage their affairs, and in turn you as the parent, your access and ability to help them make legal, health, and financial decisions are limited and in most cases, no longer possible.
As a parent, you will always have the instinct to protect and want to continue providing support in an emergency. However, if you are not legally listed as your child’s agent, you will be limited in the things you can do.
For example, if your child becomes ill (even if they are on your health insurance policy) and you are requesting medical records or treatment, you may not be able to have access. Under HIPPA, health care providers are not legally permitted to disclose such information to anyone not listed as an agent. Having a health care directive and living will ensure that you still have access and can make decisions in cases of serious injuries, illness, and even incapacity.
Regarding legal and financial decisions, a durable power of attorney will enable you as the parent to be the legal agent for your young adult child if they cannot attend to their affairs. Furthermore, it will allow you to serve as a guide and support for your children as they learn to navigate life.
Estate planning is an important topic worth discussing with your young adult children; it is both for young and aging adults. Having an estate plan goes far beyond whether a person has assets or not, but about being prepared if things don’t go as planned.
Our firm specializes in estate planning, and it is crucial to have a licensed attorney properly guide you. Book a consultation, and we will help you make a well-inform decision.
