As we move into August, it is important to think about the essential legal documents to have in place for your adult child before they go off to college. Once your child reaches 18, the legal age of majority, they are considered an adult with privacy rights. This means, if your child were to have a legal obligation, such as a health or financial problem, without prior consent, you, the parent, wouldn’t be able to assist or make decisions for the child.
Regardless of if your child is covered under parents’ insurance, if the parent is not listed under a Healthcare POA, then the parents can’t make medical decisions, speak with healthcare providers or with the insurance company. To avoid this fate in an emergency, students should complete a Healthcare Power of Attorney.
If there was an emergency where your child was incapacitated and there was no Healthcare POA, parents would have to petition in court in order to make medical decisions for their child. It is better to be safe than sorry, as medical providers or hospital staff will not bend rules, no matter the circumstance. Hospitals and their employees follow strict actions to avoid litigation or fines.
Additionally, your adult child should make a Living Will, which aids in end-of-life decisions, if need be. This document only becomes effective when a person is permanently unconscious or becomes terminally ill. The Living Will is used to express the students’ wishes regarding being artificially fed, hydrated, or kept alive by extraordinary means. Do they want to be an organ donor? This document will help save the family from added stress, indicating the wishes of their child in a trying time.
Another important document to consider is a Durable Power of Attorney. A Durable POA names a person to act as an “agent” on their behalf. The named agent can take care of legal and financial matters. In case of incapacity, this document allows the agent to deal with colleges, financial institutions, courts, and any other organization or company on behalf of the student. Without it, the named agent cannot access account information or act on the student's behalf.
A Will might also be considered, if the student has assets. Assets to be considered include: a bank account with sizable funds or cryptocurrency, an inheritance, or a car. Depending on their situation, an estate planning attorney can help create the documents listed above.
The documents mentioned above should also be in place for parents. If parents don’t have a will, Power of Attorney, Healthcare Power of Attorney, Living Will and trusts, if appropriate, their newly minted adult will have a lot to deal with if they should both die unexpectedly. A visit to the estate planning attorney for all generations is a good idea. The state of Oregon also has free resources to access for your Estate Planning needs.
