We all remember the feeling of turning 18. You have officially transitioned into adulthood with newfound freedoms accessible for us to bask in. There is often a sense of belonging to the wider world around you but with those new freedoms come new responsibilities.
As parents, seeing our children grow up to be adults can be a proud but stressful process. We must give them the space to grow while also accounting for legal and financial responsibility and support.
With the summer quickly approaching, California parents are faced with the reality of their young adult children leaving home for the first time to pursue higher education or other experiences.
This is the perfect time to take a look at important estate planning tools and documents you will need to retain access to and control over the important medical and financial decisions for your children.
There are specific documents that make the transition into adulthood easier while also ensuring the parents still have access to care for their young adult children should certain circumstances arise. These documents are referred to as Powers of Attorney in the estate and legal planning realm.
Once someone turns 18, their parents no longer have any legal right to access their medical or financial records. This prevents parents from making any medical or financial decisions on behalf of their adult children should something happen and their child is unable to make those decisions themselves. On top of that, if an adult is in the hospital and a POA has not been established then the parents will be left in the dark about where their child is, what condition their child is in, and what care their child is receiving.
There are two types of POA documents that are important for parents and young adults to be aware of:
Medical or Healthcare Power of Attorney - This allows you to access medical records related to your adult child and play a role in making decisions on their behalf. This is especially important if your child is going off to college or living on their own.
Durable or Financial Power of Attorney - This provides access to your children’s financial records and bank accounts, allowing you to make decisions on their behalf and manage what is coming in and out of their accounts more closely. This is especially important for situations where an adult child is still financially dependent on their parents.
At Solan, Park & Robello, we care for your future and are working to inform more young adults about the importance of these documents. Contact us and our team can help you get these documents in place so you and your family can move forward with confidence and peace of mind.