Did you know that as soon as your child turns 18, you lose automatic access to their health, school, and financial information?
When a child turns 18 and becomes a legal adult, it’s a momentous occasion—filled with excitement. You’ve likely spent years preparing your child for this next step; however, have you considered the necessary legal arrangements for when your child isn’t, well, a child any longer?
Estate planning is not just about inheritance. It’s about ensuring you can continue to protect and support your youngsters even after they’ve turned 18. Taking the time to address these estate planning essentials can furnish both you and your child with peace of mind.
Here is a list of documents that could help both of you ease the transition while supporting your child through challenges they might face as they head off to their next adventure—and beyond:
- Healthcare Directives: This document can allow you to step in during medical emergencies and ensure your child gets the care they need according to their wishes. In Oregon, this can be encompassed in a single document, the Oregon Advance Directive. In Washington, your child may sign a Living Will or Healthcare Directive and a Medical Power of Attorney.
- HIPAA Authorization: To avoid being left in the dark during a medical crisis, ask your child sign a HIPAA authorization form. This can give you access to their medical records and allow healthcare providers to share vital information with you.
- Durable Power of Attorney: A durable power of attorney permits your child to designate you (or someone they trust) to manage their financial affairs if they’re unable to. Without this document, you might have to go to court to gain authority over these matters if your child loses legal capacity.
- Family Educational Rights and Privacy Act (FERPA) Waiver: If your child signs this waiver, you can stay informed about their academic progress.
- Will: This document specifies who will inherit their belongings, from their tangible personal property and cash accounts to their digital assets, and who will be in charge of handling their estate.
- Beneficiary Designations: Encourage your child to make a list of all assets, how they are owned, and who is designated as beneficiary. This will not only make it easier for you to assist in a time of need, but it will set them up with good habits for future financial and estate planning.