Crucial Legal Documents to Prepare as Your Child Turns 18
When your child reaches the age of 18, they are legally recognized as an adult. Parents no longer have automatic authority to make decisions or access information about their child’s health, finances, or education.
Estate planning documents are essential for bridging the gap and providing the necessary permissions in critical situations.
As a parent, one of the most significant milestones is seeing your child reach the age of 18.
At Valued Financial, we understand that this is not only a pivotal moment in your life, but also a crucial time to consider essential estate planning documents.
Even though it might seem early, having these documents ready ensures that your young adult's wishes are respected in unexpected situations.
Financial Power of Attorney
This document enables your young adult to designate a trusted individual (typically a parent) to handle financial matters on their behalf in case they become incapacitated.
It can handle a wide range of tasks such as bill payment, bank account management, and various other financial responsibilities.
Health Care Power of Attorney
A Health Care Power of Attorney allows your child to choose someone (typically a parent) to make medical decisions for them if they cannot. This is crucial in emergencies as it ensures that treatment preferences are followed.
HIPAA Authorization
A HIPAA Authorization form allows health care providers to disclose your child’s medical information to specified individuals.
Without this, parents might not be able to receive crucial health updates during emergencies.
Living Will
A Living Will, also known as an advance health care directive, is a vital document that establishes your child's preferences in critical situations.
It includes information on life-sustaining treatments, organ transplantation, and other critical medical choices.
Last Will & Testament
Even if young adults have few belongings or financial assets, creating a will can still be important.
It allows them to express their wishes regarding the distribution of their belongings and to designate an executor.
Parental discussion
As a parent, it is essential to discuss with your child and explain the importance of these documents.
Emphasize that these measures are crucial for protecting and ensuring that their wishes are fully respected.
Action Steps
Ensuring that your child has essential estate planning documents in place is an integral step in equipping them for adulthood.
If your child is nearing or has just turned 18 and needs to get an estate plan established for yourself or a loved one? Look no further!
We've partnered with Trust & Will, a leading online estate planning platform in the US.
Together we offer an easy and affordable way for people to make estate plans from home.
Trust & Will offers estate plans tailored to all 50 states, and they provide live member assistance for any questions you have.
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