Don't Let Your Adult Children Leave Home Without Signing These 3 Documents
As we head into the warmer months, many parents will see their children graduate high school, prepare to leave home, attend college or pursue other life goals. For parents of littler ones, this season can mean outdoor or sleep-away camps, summer field trips, and family vacations near and far from home.
It’s an exciting, and, sometimes, emotional time. With so much going on, estate planning is probably the last kind of planning on your mind. But I’d strongly suggest you move estate planning for your young adult to the very top of your list.
Estate planning is critical to protect children of all ages, but today let’s focus on what happens when your child goes from a 17-year-old to an 18-year-old — when the law officially designates your child as a “legal adult.”
Whether you think they’re ready for this kind of independence or responsibly does not matter in the eyes of the law. Legally, many areas of their life that were once under your control will become entirely their responsibility.
Here’s something to think about. If your 18-year-old were to get into a serious car accident and require hospitalization, you would no longer have the automatic authority to make decisions about his or her medical treatment or the ability to manage their financial affairs. Without legal documentation, you wouldn’t even be able to access your child’s medical records or bank accounts without a court order.
To deal with this vulnerability and ensure your family never gets stuck in an expensive and unnecessary court process, before your kids “leave the nest,” have a conversation about some very basic but vital estate planning and make sure they understand and sign the following three documents.
1. Medical Power of Attorney
A medical power of attorney is an advance healthcare directive that allows your child to grant you (or someone else) the immediate legal authority to make healthcare decisions on their behalf if they become incapacitated and are unable to make these decisions themselves.
If he or she is incapacitated in a car accident or falls into a coma due to a debilitating illness, a medical power of attorney allows you to legally make decisions on your child’s behalf. Without a medical power of attorney in place, in order for you to make decisions or get information, a court may have to become involved.
While a parent is typically the court’s first choice for a guardian, the guardianship process can be slow and expensive. In medical emergencies, time is of the essence, and a court process will be the absolute last thing you want to think about.
Also, due to HIPAA (health care privacy) laws, once your child becomes 18, no one—not even their parents—can legally access his or her medical records without prior written permission. But, a properly drafted medical power of attorney will include a signed HIPAA authorization, so you can immediately access your child’s medical records to make informed decisions about his or her treatment.
2. Living Will
The next important document is a living will. It’s an advance directive providing specific guidance about how medical decisions should be made, particularly at the end of life. A living will allow your child to decide if and when they want life support removed should they ever require it. In addition to documenting how your child wants their medical care managed, a living will can also include instructions about who should visit them in the hospital and even what kind of food they would want provided.
One of the most powerful parts about creating a living will is the opportunity to have open conversations with your child about what THEY would want to happen in a challenging and emotionally charged situation. Once you know how they feel and think about topics like intubation, ventilators, experimental medications, and organ donation, you’d never have to make an excruciating healthcare decision alone, always wondering what your child would have wanted.
You’ll find a variety of medical power of attorney, living will, and other advance directive documents online. But, everyone is unique. Generic, fill-in-the-blank documents might not be your best option. I am here to work with you to plan and design, or, at the very least, review their advance directives.
3. Durable Financial Power of Attorney
If your adult child is incapacitated, you’ll likely need the ability to access and manage their finances and legal affairs. This requires your child to grant you durable financial power of attorney. Durable financial power of attorney allows you to do things like pay their tuition, apply for student loans, pay their rent, negotiate a lease, manage their bank accounts, and collect government benefits if necessary. Without this document, you would have to petition the court for such authority, which takes time and spikes everyone’s stress level.
Start Adulthood on The Right Track
Before your kids leave the nest, talk about at least these three documents with them. No one, no matter how young, vibrant and careful they are, is immune to an accident in their lifetime. Putting proper legal documents in place is so important to helping your family avoid a costly and emotional court process, while also demonstrating the importance of good financial and legal choices.
I Can Help.
If you are trying to decide whether the many benefits of using trust-based estate planning will work for you and your family, set up an appointment with me so we can talk it through, together. I’m confident that we can design the right plan that will work for you and your family when you need it.
While you should meet with me to put a full plan in place as soon as possible, protecting the young adult children in your family right now is an urgent need that you won’t want to delay. I encourage you to get started today.
Click this link to find downloadable Young Adult Protection Plan documents for Florida or Pennsylvania residents. I’ve created these easy-to-purchase digital downloads that include forms you can fill out and print right at home. Once completed, take the forms to a notary with witnesses. You will rest easier knowing you have a complete set of legal documents valid in either Pennsylvania and Florida Court systems.
After you’ve completed your documents, schedule a Planning and Design Session with me (a $750 value) at no charge. You’ll also receive a $250 discount on any level of my estate plans.
Estate planning is critical to protect children of all ages, but what happens the moment your child goes from a 17-year-old child to an 18-year-old legal adult?
Whether you think they’re mature enough or ready for this kind of independence or responsibility does not matter. Legally, many areas of their life that were once under your control will become entirely their responsibility on their 18th birthday.
Here’s something to think about. If your 18-year-old were to get into a severe car accident and require hospitalization, you would no longer have the automatic authority to make decisions about their medical treatment or manage their financial affairs. Without legal documentation, you wouldn’t even be able to access your child’s medical records or bank accounts without a court order.
We've created our Young Adult Protection Plan Documents to deal with this vulnerability.
These basic — but vital — estate planning documents will help your family avoid an expensive, stressful, and unnecessary court process.
Our Young Adult Protection Plan digital download includes:
1. Medical Power of Attorney: A medical power of attorney is an advance healthcare directive that allows your child to grant you (or someone else) the immediate legal authority to make healthcare decisions on their behalf if they become incapacitated and cannot make these decisions themselves. If they are incapacitated in a car accident or fall into a coma due to a debilitating illness, a medical power of attorney allows you to legally make decisions on your child's behalf. Without a medical power of attorney, a court may have to become involved for you to make decisions or get information.
In medical emergencies, time is of the essence. A court process will be the absolute last thing you want to think about.
Also, due to HIPAA (health care privacy) laws, once your child turns 18, no one — not even their parents — can legally access their medical records without prior written permission. But, a properly drafted medical power of attorney will include a signed HIPAA authorization so you can immediately access your child’s medical records to make informed decisions about their treatment.
2. Advance Medical Directive (Living Will): This advance directive provides specific guidance about how medical decisions should be made, particularly at the end of life. A living will allows your child to decide if and when they want life support removed should they ever require it. In addition to documenting how your child wants their medical care managed, a living will can also include instructions about who should visit them in the hospital and even what kind of food they would want.
One of the most powerful parts about creating a living will is the opportunity to have open conversations with your child about what THEY would want to happen in a challenging and emotionally charged situation. Once you know how they feel and think about topics like intubation, ventilators, experimental medications, and organ donation, you’d never have to make an excruciating healthcare decision alone, always wondering what they would have wanted.
3. Durable Financial Power of Attorney: If your adult child is incapacitated, you'll likely need the ability to access and manage their finances and legal affairs. This permission can be granted through a durable financial power of attorney. Durable financial power of attorney allows you to pay their tuition, apply for student loans, pay rent, negotiate a lease, manage their bank accounts, and collect government benefits if necessary. Without this document, you would have to petition the court for such authority, which takes time and spikes everyone's stress levels even more.
Start Adulthood on The Right Track
No one, no matter how young, vibrant, and careful they are, is immune to an accident in their lifetime. Before your kids leave the nest or turn 18, open a discussion about these topics and document those choices. With this digital download, you will have the structure and legal documents approved for use in Florida to help your family avoid a costly and emotional court process. You're also setting a solid example and demonstrating the importance of making proactive financial and legal choices.
Plus, with the purchase of these downloadable Young Adult Protection Plan documents, you will receive a $750 Planning and Design Session with me at no charge. I want to help you make sure your affairs are in order. You will also be eligible for $250 off any level of my estate plans for total peace of mind.
NOTE: These documents are usable by Florida residents only and require notarization. If you are not a Florida resident, these forms are not guaranteed to be valid in your state.
Estate planning is critical to protect children of all ages, but what happens the moment your child goes from a 17-year-old child to an 18-year-old legal adult?
Whether you think they’re mature enough or ready for this kind of independence or responsibility does not matter. Legally, many areas of their life that were once under your control will become entirely their responsibility on their 18th birthday.
Here’s something to think about. If your 18-year-old were to get into a severe car accident and require hospitalization, you would no longer have the automatic authority to make decisions about their medical treatment or manage their financial affairs. Without legal documentation, you wouldn’t even be able to access your child’s medical records or bank accounts without a court order.
We've created our Young Adult Protection Plan Documents to deal with this vulnerability.
These basic — but vital — estate planning documents will help your family avoid an expensive, stressful, and unnecessary court process.
Our Young Adult Protection Plan digital download includes:
1. Medical Power of Attorney: A medical power of attorney is an advance healthcare directive that allows your child to grant you (or someone else) the immediate legal authority to make healthcare decisions on their behalf if they become incapacitated and cannot make these decisions themselves. If they are incapacitated in a car accident or fall into a coma due to a debilitating illness, a medical power of attorney allows you to legally make decisions on your child's behalf. Without a medical power of attorney, a court may have to become involved for you to make decisions or get information.
In medical emergencies, time is of the essence. A court process will be the absolute last thing you want to think about.
Also, due to HIPAA (health care privacy) laws, once your child turns 18, no one — not even their parents — can legally access their medical records without prior written permission. But, a properly drafted medical power of attorney will include a signed HIPAA authorization so you can immediately access your child’s medical records to make informed decisions about their treatment.
2. Advance Medical Directive (Living Will): This advance directive provides specific guidance about how medical decisions should be made, particularly at the end of life. A living will allows your child to decide if and when they want life support removed should they ever require it. In addition to documenting how your child wants their medical care managed, a living will can also include instructions about who should visit them in the hospital and even what kind of food they would want.
One of the most powerful parts about creating a living will is the opportunity to have open conversations with your child about what THEY would want to happen in a challenging and emotionally charged situation. Once you know how they feel and think about topics like intubation, ventilators, experimental medications, and organ donation, you’d never have to make an excruciating healthcare decision alone, always wondering what they would have wanted.
3. Durable Financial Power of Attorney: If your adult child is incapacitated, you'll likely need the ability to access and manage their finances and legal affairs. This permission can be granted through a durable financial power of attorney. Durable financial power of attorney allows you to pay their tuition, apply for student loans, pay rent, negotiate a lease, manage their bank accounts, and collect government benefits if necessary. Without this document, you would have to petition the court for such authority, which takes time and spikes everyone's stress levels even more.
Start Adulthood on The Right Track
No one, no matter how young, vibrant, and careful they are, is immune to an accident in their lifetime. Before your kids leave the nest or turn 18, open a discussion about these topics and document those choices. With this digital download, you will have the structure and legal documents approved for use in PA to help your family avoid a costly and emotional court process. You're also setting a solid example and demonstrating the importance of making proactive financial and legal choices.
Plus, with the purchase of these downloadable Young Adult Protection Plan documents, you will receive a $750 Planning and Design Session with me at no charge. I want to help you make sure your affairs are in order. You will also be eligible for $250 off any level of my estate plans for total peace of mind.
NOTE: These documents are usable by Pennsylvania residents only and require notarization. If you are not a Pennsylvania resident, these forms are not guaranteed to be valid in your state.
