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Do College Students Need Estate Plans?

If your child has recently turned 18, beware that you no longer have the same parental rights you once did. When your child becomes a legal adult, parents are not necessarily entitled to reclaim ownership of their child’s money or possessions. You may also be prohibited from accessing your child’s medical and legal records and making important decisions on their behalf, even after death.

If you have co-signed on your child’s bank accounts, vehicle registration, etc., you will have the ability to make decisions regarding accounts, loans, and so on. Unless you and your child create a simple estate plan, however, you may be largely excluded from making important decisions in the event of a tragic accident or illness. Here’s what you have to do:

Sign a HIPAA Release

If your child has not officially indicated that you have their permission to obtain medical information and important medical documents, privacy laws will pose a significant barrier to you as the parent of a legal adult.

Establish Durable Power of Attorney

To officially be granted a durable power of attorney, your child must complete the paperwork and make you their primary representative in the event they become incapacitated or unable to make decisions about their health, finances, and wellbeing. This will allow you to access their finances and use money therein, should the need arise.

Create a Living Will and Establish Medical Power of Attorney

This is perhaps the most important piece of estate planning you and your child will do together. Your child will have to state their wishes in the event of dire circumstances involving life support, debilitation due to serious injury or illness, and other incapacitating tragedy. While this can be heart-wrenching to consider, it may serve you and your family greatly to have your child’s wishes officially documented and have Medical Power of Attorney in the event of an unexpected accident.

Get in Touch with a Phoenix Estate Planning Lawyer Today

In order to create the proper paperwork to complete a HIPAA release, establish durable power of attorney, create a living will, or do any other sort of estate planning, you will need the help of an experienced Phoenix estate planning attorney. Our team at Taylor & Lihn, PLLC is here to help you prepare for the future.

Call us at (602) 900-9860 today.

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