No matter how old they are, they will always be your little girl or little boy. But legally, once your child turns 18, he or she is considered an adult. Estate Planning and Elder Law Attorney Mindy Felinton says, “That’s why critical documents need to be created.”
An Estate Plan is Not Just About Assets
This is because an Estate Plan is not just about assets, they include critical clauses that give you permission to know what is going on with your child in a critical scenario. Mindy states, “Because guess what? They are in college and the school cannot tell you what is going on medically with your child. So, it’s very important for your children to have their plan in place.”
At the top of an Estate Plan document list is the, HIPPA Privacy form, which gives you that permission to know what is going on. However, if your 18-year-old becomes incapacitated and cannot communicate with you. You will have no say over any medical decisions unless you are named a Legal Guardian. An Advance Medical Health Care Directive is a key document to ensure you have a say in your child’s care.
Other Critical Components of Your Child’s Estate Plan
Another component of your child’s Estate Plan is the Durable Power of Attorney document. This document will allow you to handle finances related to your child’s bank accounts, credit lines, rental agreements, and bills.
The final component being a will. Without a will in place for your child, the courts will make many decisions that you as a parent should make. It’s important to have that tough conversation with your child before something unexpected occurs especially in this unprecedented time.
Contact an Estate Planning & Elder Law Attorney
Do not wait, make sure you have an Estate Planning and Elder Law Attorney like Mindy Felinton who can provide you with a comprehensive plan for your child that can protect them in the worst case scenarios and is customized to your and your child’s needs.
Contact her firm by calling her office in Maryland at (301) 610-0055 or her office in Florida at (561) 290-2179.