Georgia Parents of Graduating Seniors:
Did you know…
Now that your graduating senior is “legally” an adult, you can no longer make important medical or financial decisions on his or her behalf?
UNLESS you have these 3 things in place…… (see below to discover how EASY it is to legally intervene if your child is injured or otherwise unable to speak on his or her behalf!)
Your graduating senior may still be your baby, but in the eyes of the law he or she is now an ADULT!
That means you can no longer make important medical or financial decisions for your child without their permission.
But let’s face it….your job of being a PARENT doesn’t stop just because your child turns 18. If there’s a medical emergency or your child asks for financial help, you NEED the ability to cut through the legal red tape and get involved.
FACT: Doctors, hospitals or financial institutions will NOT bend the rules on this! It’s against privacy laws. You must have 3 KEY DOCUMENTS in place to make important medical or financial decisions on your child’s behalf (just imagine the nightmare of your child getting hurt hundreds of miles away at school and the hospital refuses to give you so much as a status update!).
I call these 3 key documents the Parent Sanity Protection Kit, as they give you the legal permission you need to HELP your child and avoid more gray at the same time!
Advance Health Care Directive
Financial Power of Attorney
To ensure your child is protected before the summer or college starts, you can now receive this critical Parent Sanity Protection Kit just $350 when you call 770.425.6060 and schedule your appointment by June 30th.
P.S. – Graduation Gift for YOU, too, Moms and dads: Mention this blog post and receive a FREE Georgia Family Treasures Planning Session (normally $750) to go over YOUR will, trust or other legal documents! Having an “adult” child is a huge life-change for mom or dad too and your estate planning documents must be updated accordingly!
As of your 18th birthday, you became an adult in the eyes of the law.
Even though your kids may still act like teenagers (or you may feel like one), in the eyes of the government, turning 18 means you need to have legal documents in place in case of an accident.
Every adult should have in place an Advance Health Care Directive and a Financial Durable Power of Attorney. Estate planning is not just for rich people. These legal documents are important for everyone who loves their family.
If you don’t have these legal documents in place and something scary happens, it will make life a whole lot more difficult for the people you love.
An Advance Health Care Directive (also known as a living will) does two things: first, it names the person you want making health care decisions for you if you cannot make them for yourself and second, it lets that person know how you want them to be made.
This is important because if you are in the hospital and cannot communicate, you need someone to make decisions for you and you want them to make those decisions as you would want them made, without question.
If you don’t have this document in place, it could create a huge rift among your family as the people you love fight about what you would have wanted.
The important thing in this document is that the whoever you name is also given authority under the new (within the past three years) Health Insurance Portability and Accountability Act (aka HIPAA).
If your health care agent (the person named in your Advance Health Care Directive) is not designated as your agent under HIPAA, they will not be able to look at your medical records, which makes it mighty hard for them to make health care decisions for you.
By the way, if you have college age kids going off to college, you’ll want to get this in place for your kid. Otherwise, when you call the school nurse to discuss your child’s illness, you may find no one can or will talk with you because they would violate HIPAA if they did.
We get frantic calls in our office at least once or twice each fall from parents looking for legal documents for their college-age kid for just this reason.
The second legal document you absolutely need to have in place as an adult is a Durable Power of Attorney. This document names someone to make financial and legal decisions for you if you can’t make them for yourself.
Beware of the one-page standard durable power of attorney you find on the internet where you just check off a list of applicable powers. I’ve seen family members try to use those to access their loved ones assets and then not be able to because the form was too generic.
It’s important for your kids going off to college to have this in place too because if they are in an accident you are going to need to take over paying the bills and get access to bank accounts and make legal decisions. But, you will have to go through a long and expensive court process if there’s not a signed Durable Power of Attorney in place.
It’s the same for you too. If you are in an accident, and you don’t have a Durable Power of Attorney in place,it will be difficult for your family to deal with things on your behalf.
So, regardless of the amount of money you have in the bank, get your Advance Health Care Directive (or living will) and your Durable Power of Attorney in place at the bare minimum. Oh, and of course, if you have kids under 18 at home, get your comprehensive Kids Protection Plan in place too.
None of this has to do with money. It has to do with making life as easy as possible for the people you love.
SOURCE FOR POST: Family Wealth Matters by Alexis Martin Neely
Do Your College Age Children Have Healthcare Directives? DO YOU?
Georgia Advance Directive for Health Care