The leap your student takes into adulthood by their age does not necessarily mean they are ready to attend to all of the adult decisions that they will face. Moving far away or even staying close to home, being prepared for this new adventure means parents still having the authority to act on their behalf if they are faced with emergency situations.
Testamentary Documents:
Testamentary documents allow you to have access to things like your child’s medical records, bank accounts, bills, and allow you to make medical decisions and financial decisions if your child becomes incapacitated or something uncontrollable happens.
Durable Power of Attorney
A durable power of attorney, which stays in effect even after your child becomes incapacitated, allows whoever your child named to assist with financial, legal, and administrative decisions if the child is unable to do so.
Parents, if named, will have the authority to access or manage bank accounts, pay bills for the child, communicate with lenders and financial institutions on the child’s behalf, handle and assist with tax filings, and make financial decisions if the child is incapacitated or unable to communicate themselves.
Designated Health Care Surrogate
If your child names you as their designated health care surrogate, you will be able to make medical decisions for your child if something happens and they are unable to make decisions for themselves.
While every parent hopes they will never have to face their child having a medical emergency, not every parent is prepared for the worst. A designated health care surrogate is useful if your child suffers an accident that leaves them unconscious, an illness that makes them unable to communicate, or even just going under general anesthesia for a routine surgery.
How do I get my child to sign these papers?
As your child is legally an adult, they are the one who needs to call to schedule a consultation, and they are the one who can determine what they want and who they want representing them. It is important that you take the time to have the conversation with your child about the kinds of documents available and why it is so important they have one.
As these documents are all complex legal documents that have a long term impact on the life of your child, it is important they have the documents prepared by a reputable estate planning attorney. At Korshak & Associates we have a combined over 65 years of legal experience, much of it in estate planning. We are here to help make sure your child is set up for success, and to ensure parents’ peace of mind.
