Young Adult Life Planning Concerns
Turning 18 years old is really a big deal.
A person is truly a legally, independent person, whether he, she, or the parents are ready to accept this new legal responsibility. The young adult now has exclusive responsibility for his or her medical, education, and financial information. Parents, and for that matter, no other person possesses a legal right to any of that information without specific waiver or grant of authority.
It might be hard to believe, but regardless of whether your child is still a high school student, a college-bound student, working, living with you or not, you have no right to this protected information. I have experienced it personally when dealing with banks and health insurance. Additionally, I have heard stories from clients who shared being shut out from information about health, financial, and education information, even when paying for the services.
There are some basic items your child can execute to give a parent(s) or another close individual the capacity make emergency health decisions, to assist with banking or other property issues if the need arises, or to communicate with education institutions if necessary.
Young Adult Life Planning Options
To make this as easy as possible, I have drafted a comprehensive Power of Attorney geared specifically to grant authority to for health, education, and property to a parent or close friend.
It is important to understand that this is not limited those 18 and older young adults going away to college. The same limitations and issues apply if someone is in school or in the workplace. With so many children remaining on their parents’ insurance plans until their mid-20’s, a health information waiver (HIPAA waiver) will be very important.
While the Power of Attorney is the centerpiece at this age, a Living Will and other property distributions options should be reviewed. This can prevent an accidental Probate or issue with determining the proper allocation.
Your situation is far more unique than you may realize. Let’s talk about it.
Call (219) 230-3600 or (765) 999-1823 to schedule an appointment, or
Visit meetme.so/rgskadberg to schedule an initial phone call appointment.