Your children who are over the age of 18 are considered adults in the eyes of the law. They should have their own plan in place for unexpected circumstances. Every young adult should have these documents before heading off to college:

• A HIPAA Authorization that will ensure parents are able to obtain medical information about a child who gets sick or has an accident while at school. There’s nothing more frustrating to the parent of a college student than being told that as parents or guardians they are not entitled to any information about their child who is in a hospital many miles away.
• A Health Care Proxy that will allow a parent to make healthcare decisions for a child if the child cannot do so because of illness or incapacity.
• A Power of Attorney that will let you handle financial matters for your child (banking, income taxes, school loans, sale of a car) either because your child is not available or is ill.

Parents of young adults should consider incorporating a Trust in their estate plan for their children’s inheritance. A Trust can ensure a child’s inheritance will be managed appropriately by specifying how the money should be used for the child’s benefit, and can delay a child’s control over inherited assets until the child reaches an age when the child is mature enough to manage those assets properly. A Trust can also protect an inheritance from the reach of a divorcing spouse, persuasive friends seeking loans, or creditors arising from credit card debt, a lawsuit, a failing business, or other issues young adults may encounter.

For more information, schedule a consultation with one of our attorneys by contacting Samuel, Sayward & Baler LLC by phone at 781/461-1020 or by email using our Contact form.