Even College Age Kids Need Estate Planning Documents
When our kids go off to college, we don’t usually think about them needing estate planning documents. We might have them for ourselves, but not for our kids. But here’s the deal, once our kids turn 18, even though we still see them as our babies, legally, they’re adults. That means we don’t automatically get to make healthcare decisions for them or manage their money unless our name is on their accounts.
So, to make sure we can help our kids in an emergency, it’s a good idea for them to have a Healthcare Power of Attorney, a Living Will, and a Power of Attorney set up as soon as they turn 18.
With a Healthcare Power of Attorney, our kids can give us the power to make healthcare decisions for them if they can’t. It also lets their doctors share medical info and records with us. A Healthcare Power of Attorney is a legal document that allows an individual to appoint another person to make decisions about their medical care if they are unable to do so themselves. That way. they can give their healthcare agent the authority to make healthcare decisions for them when they are unable to. It also provides the agent with the HIPAA authorization to permit the individual’s doctors to provide them with medical information and records.
A Living Will lets our kid make decisions about their medical care if something really bad happens. A living will is a legal document that outlines an individual’s preferences for medical treatment in the event that they are unable to communicate their wishes. It specifies the types of medical treatments and procedures that the individual would or would not want to be used to keep them alive, as well as their preferences for other medical decisions, such as pain management or organ donation. By planning ahead and creating a living will, an individual can ensure that their wishes are respected and that their loved ones and healthcare providers have clear guidance on how to proceed in difficult situations.
A Power of Attorney (POA) lets us, or whoever our kid picks, make financial decisions for them. A POA is a legal document that allows an individual, referred to as the principal, to appoint another person, known as the agent or attorney-in-fact, to act on their behalf. A POA can be set up right away or only if the person can’t make decisions for themselves. It lets us do stuff like access bank accounts, pay bills, fix tuition problems, and change financial aid packages.
We all hope our kids will never need these forms, but it’s better to be ready just in case. Click here to send us an email of call at (610) 446-3457 so we can discuss how we can help.