Estate Planning for the College Bound Young Adult
Once a child turns 18, they are considered an adult. Many legal walls suddenly spring up between child and parent. Parents no longer have the right to know about their child’s medical information, medication history, check in on grades, assist with accommodations, or receive tuition bills, regardless of who is actually paying for everything.
This legal wall can also make it impossible for a parent to help their child in an emergency. Many parents and their now adult child may try to cover the bases by ensuring that they have a joint bank account or by having the student sign HIPAA and FERPA paperwork with the university but it may not be enough.
For financial or medical emergencies, an individual 18 years of age and older needs a Health Care Power of Attorney and a Statutory (Financial) Power of Attorney. It is also a good idea to have a Will and Living Will to complete your estate planning package. Parents, now is a good time to review your estate plan as well. The plans made while your child was younger may now change as they mature into adulthood.
To learn more about estate planning or Hollingsworth & Washington LLC, contact us by calling (937) 424-8556 or emailing email@example.com.