Watching your kids leave home to attend college or start their careers can be an emotional time for you as a parent. 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.
Regardless of your feelings, once they reach age 18, your kids become legal adults, and many areas of their lives that were once under your control will be solely their responsibility. And one of the very first items on their to-do list as new adults should be estate planning.
While you may believe that planning is the last thing your kids need to be thinking about, it’s actually the first, because once they turn 18, you no longer have automatic access to their medical records and/or financial accounts should anything happen to them.
Before your kids head out on their own, you should discuss and have them sign the following documents:
Advance Health Care Directive (A.K.A. Medical Power of Attorney and Living Will)
An advance health care directive allows your child to grant you (or someone else) the legal authority to make health care decisions for them in the event they become incapacitated and cannot make such decisions for themselves.
For example, an advance health care directive 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. And, with a properly drafted advance health care directive, 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 advance health care directive, 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.
An advance health care directive also provides specific guidance about how your child’s medical decisions should be made while they’re incapacitated, particularly at the end of life.
For example, an advance health care directive 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, an advance health care directive 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 advance health care directive.
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.
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.
A 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 our support, you’ll at least have peace of mind knowing that he or she 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 the Law Office of Keoni Souza, an estate planning law firm in Honolulu, Hawai`i. 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 is why we offer a Family Wealth Planning Session, during which you will get more financially organized than you have ever been before and make all the best choices for the people you love. You can begin by contacting our office today to schedule a planning session and mention this article to find out how to get this $750 session at no charge.
Disclaimer: All information on this website is for informational purposes only and is not legal advice. You should contact an attorney trained to work with families on estate planning matters regarding your specific situation. Use of and access to this website or any of the email links contained within the site do not create an attorney-client relationship between the Law Office of Keoni Souza, LLC, and any users or any other party.
