Once our “babies” reach the age of majority, we are not allowed to make medical decisions for them anymore, access medical records or write a check out of their checking account.
Can we do something about this? Of course! Children reaching the age of majority shall have a basic plan in place that will include a Power of Attorney, a Health Care Power of Attorney or Medical Directive and HIPAA (access to medical records). We usually add a Living will to the soup, just in case.
If your child only owns a bank account, then someone should be named beneficiary.
If the child has more than one bank account or will possibly own property sooner than later, a Last Will and Testament should also be in place.
A very important consideration . . . you, as the parent, cannot make a plan for your “child” or decide who will make any or all the decisions for him or her. Remember, your child is already an adult and he or she can make his/her own decisions.
Thus, you need to plan to bring him/her to our office so we can review his/her wishes and desires and we can put it in writing for them. We can make phone arrangements if they are studying away from home and we can arrange for a notary to have a signature meeting with him/her.
It is recommended to have the right plan and legal documents in place for them before the children leave home.
Ask us about special planning options for your son or daughter who have reached 18 years of age.