When a child turns eighteen (18), they legally become an adult, and a parent loses the automatic right to access their medical, financial, and educational records. To prepare for unexpected situations and to help manage a child’s affairs, consider having them set up an estate plan that includes these key components:
1. Healthcare Proxy with HIPAA Release
- Purpose: Allows a designated person to make medical decisions if a child is incapacitated and enables access to their medical records.
- Why It is Important: Without a HIPAA release, a parent might not receive critical medical information or updates if their child is unable to communicate. A healthcare proxy prevents the need for court proceedings to appoint a parent as a legal guardian during a medical crisis.
2. Durable Power of Attorney
- Purpose: Grants a trusted person the authority to manage a child’s financial matters if they become incapacitated or are unable to handle them.
- Why It is Important: Without this, a parent cannot access their bank accounts or manage their financial affairs, potentially leading to legal complications and delays. This document is also helpful for managing issues while an adult child is away at college or traveling.
3. Last Will & Testament
- Purpose: Specifies how a child’s assets should be distributed in the event of their death.
- Why It is Important: Ensures that their wishes are honored and avoids unintended consequences that could complicate one’s estate planning.
Additional Considerations:
- FERPA Authorization: Allows a parent access to their child’s educational records. This is crucial as FERPA (Family Educational Rights and Privacy Act) grants privacy rights to students over eighteen (18), limiting parental access without consent.
- Discussions with an Adult Child: Ensure the adult child understands the implications of these documents and that they are comfortable with the authority they are granting.
Benefits for College Students:
- Medical and Financial Management: Allows parents to help manage medical appointments, prescriptions, finances, and emergencies.
- Studying Abroad: Facilitates handling of financial transactions and lease agreements while the student is overseas.
Conclusion:
Setting up these documents can ensure that a parent is prepared to assist their adult child in handling medical and financial matters efficiently and effectively, even when they are away from home or if an emergency takes place.
For assistance in drafting these documents, consult with an attorney who specializes in Estate Planning. They can provide guidance tailored to one’s specific needs and circumstances.
Contact CASERTA & SPIRITI if help is needed in completing an estate plan or setting up a Durable Power of Attorney for one’s college student.
The foregoing is a brief and general overview of the topic.
If you have any additional questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.