Watching your kid move out to start their adult life is an emotional time for many parents. On one hand, moving out on their own is a major accomplishment that should make you proud. On the other hand, having your kids leave the nest and face the world can also induce anxiety and fear.
It may not seem like the best time to bring up estate planning to your child, but once they turn 18 they become legal adults, which means many areas of their life that were once under your control will now solely be their responsibility. You will no longer have automatic access to their medical records and/or financial accounts should anything happen to them.
That’s why before your kids head out on their own, you should discuss and have them sign the following three documents:
1: Medical Power of Attorney
Medical power of attorney is an advance directive that allows your child to grant you (or someone else) the legal authority to make healthcare decisions for them in the event they become incapacitated and cannot make such decisions for themselves. For example, medical power of attorney would allow you to make decisions about your child’s medical treatment if he or she is knocked unconscious in a car accident or falls into a coma due to an illness. Furthermore, with a properly drafted medical power of attorney you will be able to access your child’s medical records, whereas without one you would not.
Should they become incapacitated without a properly executed medical power of attorney, you’d have to petition the court to become their legal guardian. While a parent is typically the court’s first choice for guardian, the court process can be slow—and in medical emergencies, every second counts.
2: Living Will
Whereas medical power of attorney allows you to make healthcare decisions on your child’s behalf during their incapacity, a living will provides specific guidance about how your child’s medical decisions should be made while they’re incapacitated.
For example, a living will allows your child to let you know if and when they want life support removed, if they ever require it. In addition to documenting how your child wants their medical care handled, a living will can also include instructions about who should be able to visit them in the hospital and even what kind of food they should be fed. For example, if your child is a vegan, vegetarian, gluten-free, or takes specific supplements, these things should be noted in their living will.
If your child has certain wishes for their medical care, it’s important you discuss these decisions with them and have those wishes documented in a living will to ensure they’re properly carried out.
3: Durable Financial Power of Attorney
Should your child become incapacitated, you’ll also need the ability to access and manage their finances, and this requires your child to grant you durable financial power of attorney.
Durable financial power of attorney gives you the immediate legal authority to manage their financial and legal matters, such as paying bills, applying for Social Security benefits, and/or managing banking and other financial accounts. Without this document, you’ll have to petition the court for such authority.
Start adulthood off right
As parents, it’s natural to experience anxiety when your kid leaves home, but with the support of your Personal Family Lawyer®, you’ll at least have peace of mind knowing that they will be well taken care of in the event of an unforeseen accident or illness. Contact us today to ensure that if your child ever does need your help, you’ll have the legal authority to provide it.
This article is a service of Levi Alexander, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.