By sampay We’ve got you covered. If you know a recent high school graduate, you should find out if they have a simple estate plan to allow their parents or guardians to make medical and financial decisions if they are incapacitated.
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With high school graduation season in full swing, it is essential to remember that at age 18, parents no longer have the right to make medical and financial decisions for their child, something should happen.
We always recommend that 18-year-olds have simple estate planning documents in place, in the event of incapacity.
If your child goes away to school and has an accident, you want to be able to speak to doctors and medical personnel regarding their care.
Unfortunately, sometimes accidents happen. It is better to be prepared and not need these documents, than to be scrambling and asking a judge for the ability to be involved in your adult child’s medical care.
What documents should an 18-year-old have in place? We typically recommend that they have:
- A medical durable power of attorney,
- A HIPAA release,
- A financial durable power of attorney, and
- A simple will.
This will make things easier, in the event your child cannot speak on their own behalf.
Having these documents at the ready can eliminate potential issues, there should be an unforeseen incident.
Also, having these fundamental documents in place is a great foundation for future estate planning.
Let us know if you need basic estate planning documents in place for your high school senior or for yourself.
As always, contact us today to help you get the right documents in place or to update your current estate plan.
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