Congratulations, your child is about to graduate from high school and is about to begin their life as an adult. With all that preparation – graduation parties, summer jobs, packing for college, etc. the average young adult tends to overlook one of the most important things they should do when they turn 18 – estate planning. Admittedly, the average 18 year old does not have a large estate or a family to plan for, but they are legally an adult and there are three estate planning documents they should have.
The first is a springing durable power of attorney. This document allows the young adult to designate someone to make business and financial decisions for them if he or she becomes incapacitated. This document is written so that the powers don’t go into effect until the young adult becomes incapacitated.
Next on the list is a health care directive (or health care power of attorney). This document lets the young adult name a person (agent) to make medical decisions for her or him if he or she is unable to make the decision. Should that situation occur, it becomes the agent’s responsibility to work with doctors and health care providers to try to provide the care the young adult would have wanted.
The last document of a young adult’s estate plan should be a Health Insurance Portability and Accountability Act (HIPAA) release. By signing a HIPAA release, the young adult agrees that, in the event medical care is needed, his or her health care provided may release information about her or his location and condition to the specified individuals. Without a HIPAA release, parents will face numerous obstacles to get even basic health care information (have they been admitted to a hospital?) about their child.
If you would like to discuss your estate planning needs, Cameron Law is here to help.
For a complimentary initial consultation, call 507-206-4976