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ESTATE PLANNING for YOUNG ADULTS

Your child’s Senior Year in high school is the end of one era and the launching pad into a whole new life.  Prom, college applications, enlisting in the military, and eighteenth birthdays are just a few of the rights of passage.  Even though we as parents do not want to face it, our child’s eighteenth birthday now classifies them as an adult. 

Their long-time doctor can no longer consult with you regarding your own child’s health issues.  Colleges cannot disclose personal information such as grades, even if you are writing the tuition check.  Your child could be in college, in another state, be in an accident, and rushed to a hospital.  Without prior authorization, the hospital cannot disclose any pertinent information without you producing a HIPAA authorization or Medical Power of Attorney.

As adults, we seek Wills and Powers of Attorney for ourselves to plan for our own incapacity, whether it be permanent or temporary.  Once your child turns eighteen, assisting in preparing estate planning documents for your child is no different. Although a Will is not always necessary for young adults with few assets, you should consider the following:

  • Statutory Durable Power of Attorney (for business transactions, including banking);
  • Medical Power of Attorney;
  • Directive to Physicians (often referred to as a “Living Will” to handle end of life care); and
  • HIPAA Authorization (to speak to doctors, medical institutions, and insurance companies).

Rosenblatt Law Firm is ready to assist with any questions related to Estate or Probate matters.