Legal documents for college-bound young adults
As high school enters its final run for some of our young adults, and thoughts of college become more focused, many tasks to get them ready will be on your to do list. Will preparing legal documents for them be on it? It should be, and here’s why.
At the age of 18, your child is considered an adult. You may be surprised to learn that – because you may be their financial source of income. HIPAA, and other privacy laws, prevent you from being able to check grades, receive tuition bills or even get information about your child’s health care. Having financial powers of attorney and health care directives in place for our children as they head off to college provides peace of mind for us, and protection for them, should any unforeseen circumstances occur.
General Durable Power of Attorney
This will designate an agent, usually a parent, to help with financial matters for the principal (the child). You will be able to assist your child with managing their financial affairs: paying bills; insurance claims; managing student loans. Without this document, you will not have access to their bank account, for example, even if you are their sole source of income.
Advance Directive for Health care
This will designate an agent, here too, usually a parent, to make medical decisions when your child is unable to do so. Having this document in place will keep you informed and involved in making medical choices, particularly in case of emergencies.
HIPAA
The Health Insurance Portability and Accountability Act (HIPAA) authorizes the parents to have access to their child’s medical team, medical records, and medical billing information. It is a document which goes hand-in-hand with the Advance Directive for Health Care.
Equip your child with the necessary legal planning as they head off to further make their way into the world. If you would like further information or would like to schedule an appointment, email sonja@estateandelderlawgroup.com or call 603-643-7577.
