We love seeing the pictures of all the college students moving into their dorms and apartments, and we love the bustle of activity.
As these new adults leave home (and even if they stay nearby), there are some key legal documents that they will need to have. Once a child reaches the age of majority (18 in most states), their parents can no longer access medical information or make medical decisions for their newly adult child without these documents in place. If there is an accident or a medical emergency, these documents will allow the new adult’s chosen agents (usually their parents) to access information and make decisions.
What are key “Must Do” items when reaching the Age of Majority?
Execute an Advance Directive for Healthcare, with three key components:
• Advance Directive – Articulates the new adult’s wishes regarding care to be received in the event of a medical emergency (such as artificial life support)
• Healthcare Surrogate (aka “Healthcare POA”) – Authorizes one or more agents (often their parents) to make healthcare decisions on behalf of the new adult, in accordance with the Advance Directive, if he or she is unable
• HIPAA Authorization – Authorizes doctors and other healthcare professionals to discuss the new adult’s medical records with their agent (often their parent)
Execute a Power of Attorney (aka “Financial POA”)
• Authorizes one or more agents to act on behalf of the new adult in financial and legal matters (such as authority to access their bank account if they are incapacitated)
Provide Copies (or Originals) of Key Documents
• Give your child copies or originals of important documents, such as Social Security card, birth certificate, and passport
Register for the Draft, If Required
• Male U.S. citizens between ages 18 and 26 must register with the Selective Service System (www.sss.gov)
Potential additional “Good To Do” items for new adults include:
• Execute a will
• Apply for a credit card and build a good credit score
• Give trading authority over brokerage accounts (as desired)
Feel free to give us a call if you have any questions. You may also want to discuss details with tax and legal advisors.
