Alabama Estate Planning documents your kids should sign before they leave for college.
It’s a great accomplishment to turn 18, graduate high school, and move out. It also brings with it some severe responsibilities that may not be on your mind (or theirs) right now. Many areas once in your control now fall under the sole responsibility of your children. Yes ! Many parents will soon see their children graduate high school and move away to pursue their educational and career goals.
How can you plan for college student’s estate planning?
It would help if you had your children discuss and sign these estate planning documents before they go out into the world. This makes it easier to access their financial accounts and medical records in the event of an incapacitated parent. These documents will guarantee that your children have the legal authority to provide guidance and help if needed.
A medical power of attorney
Suppose your children become incapacitated or are unable to make decisions themselves. Your child can name an agent, such as you, to make healthcare decisions on their behalf. This authority lets you make medical decisions for your child if they are unconscious from a car accident or if they become ill. However, medical power of attorney gives you the authority to see your child’s medical records, make treatment decisions and view their medical records. This authority is only valid if your child becomes incapacitated. This means that you cannot view your child’s medical records unless they are incapacitated.
Durable Power of Attorney
You will need a durable power to allow your child access to their financial accounts in the event of their death. You will need durable financial power to access your finances if you don’t have one. A medical power of attorney allows you to make a healthcare-related decision on their behalf. A durable power of attorney gives you the power to manage their legal and financial affairs, such as paying their bills, applying to Social Security benefits, and/or managing their banking accounts.
You may have specific wishes for your child’s end-of-life care. You must have these discussions with them. A living will, for example, allows the child to choose when and how they would like life support to be removed. These are life-or-death decisions and should be documented in a living will. The medical power of attorney lets you make decisions about your child’s healthcare if they become incapacitated. A living will give you specific guidelines on how to handle their medical care at the end. A living will outline how the child wants medical decisions made for them. However, such power is only available if the child is diagnosed with a terminal illness. This usually means that they have less than six months to live.
The 1996 “Health Insurance Portability and Accountability Act” (or HIPPA) requires that insurance companies and health care providers protect patients’ privacy and health records. After your child turns 18, nobody, not even parents, is legally allowed to see their medical records without written permission. This can be easily fixed by having your child sign a HIPAA authorization, which gives you access to their medical records. If you need to make an informed decision about your child’s health care, this can be crucial.
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