Essential Estate Planning Tips for Parents of Graduating High School Seniors
Graduation season is upon us, and for many families, it’s a time filled with joy, pride, and, if we're being honest, a little anxiety.
As your high school senior prepares to step into the world of young adulthood, whether heading off to college or taking a gap year, it's crucial to ensure they're ready for any emergency that might arise while away from home. Beyond packing essentials, important estate planning steps can safeguard their well-being and give you peace of mind.
Key Documents Every Young Adult Should Have
Healthcare Power of Attorney: Did you know that once your child turns 18, you no longer have the legal right to make medical decisions for them? A Healthcare Power of Attorney allows you to step in if they are unable to make decisions themselves. A closed friend of mine recently shared how this document was a lifesaver when her son had a severe allergic reaction while away at college, enabling her to communicate directly with his doctors.
HIPAA Authorization: Alongside the Healthcare Power of Attorney, a HIPAA Authorization is vital. This document permits healthcare providers to share medical information with you. Without it, privacy laws might restrict your access to essential information about your child’s condition.
Durable Power of Attorney: This document allows you to handle financial and legal matters on your child’s behalf. Whether it’s managing bank accounts, paying bills, or dealing with insurance companies, a Durable Power of Attorney ensures you can act quickly if your child is incapacitated. I met a family recently during an estate planning presentation and they recounted how this document was invaluable when their daughter, Sofia, was in a car accident and unable to manage her finances during her recovery.
Living Will: Also known as an advance directive, a Living Will outlines your child’s wishes regarding life-sustaining treatment. Although a difficult topic, discussing and documenting these preferences can prevent uncertainty and stress during an already challenging time.
Having the Conversation
Initiating these discussions can be difficult. Approach the topic with sensitivity and openness. Share real-life stories or hypothetical scenarios to illustrate the importance of these documents. By taking these proactive steps, you can significantly alleviate the stress and uncertainty associated with potential emergencies. You’re not just preparing for the worst; you’re ensuring that your child can fully embrace the exciting opportunities ahead with the knowledge that their family is ready to support them, no matter what.
Graduation is a monumental milestone, and as your young adult steps into the world, being prepared for emergencies is a crucial part of supporting their independence and success. We’d be honored to help you take these steps now to ensure a safer, more secure future for your family. Contact us today to schedule a Life & Legacy Planning Session for your family.
This article is a service of Cedar Counsel. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.