Congratulations! Your child has officially reached the Age of Majority, becoming a fully emancipated adult in the eyes of the law. This is a significant milestone, not just for them, but for you as a parent. As your child steps into adulthood, it’s important to ensure they are well-prepared to handle their new responsibilities. Here are some key “Must Do” items and additional best practices to help keep everyone safe and secure.
Key “Must Do” Items
Execute an Advance Directive for Healthcare
- Living Will: This document outlines your child’s wishes regarding medical care, including decisions about artificial life support and other critical health issues. It ensures that their preferences are respected even if they cannot communicate them.
- Healthcare Proxy (Healthcare POA): This allows one or more agents, often the parents, to make healthcare decisions on behalf of your child if they are unable to do so. The agent acts in accordance with the Living Will.
- HIPAA Authorization: This authorization permits healthcare providers to share your child’s medical information with their designated agent. Without this, you might not have access to crucial health details in an emergency.
Execute a Power of Attorney (Financial POA)
- This document gives one or more agents the authority to act on your child’s behalf in financial and legal matters. This can include access to bank accounts, handling financial transactions, and managing legal affairs.
Provide Copies (or Originals) of Key Documents
- Make sure your child has copies or originals of important documents such as their Social Security card and birth certificate. These documents are essential for various legal and financial matters they’ll encounter as an adult.
Additional “Good To Do” Items
While the above items are crucial, there are additional steps your child can take to further solidify their transition into adulthood:
- Execute a Will: Even at a young age, having a Will can be important. It ensures that your child’s wishes regarding their assets and belongings are clear.
- Apply for a Credit Card and Build a Good Credit Score: Establishing good credit early on is essential. It can impact your child’s ability to make major purchases, secure loans, and more in the future.
- Give Trading Authority Over Accounts (As Desired): If your child has investment accounts, they may consider granting trading authority to a trusted individual to help manage their investments.
Next Steps
As your child steps into adulthood, taking these steps can provide peace of mind for both of you. If you have any questions or need assistance with any of these tasks, don’t hesitate to reach out. Additionally, you may want to discuss these matters with tax and legal advisors to ensure everything is handled appropriately.
This is an exciting time, and with the right preparations, your child will be well-equipped to navigate the responsibilities of adulthood.
Steffens & Steffens does not provide legal advice. You should consult with a legal professional regarding your individual situation.
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