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Your Child Is an Adult: What You Need to Know!

Your Child Is an Adult: What You Need to Know!

| June 05, 2023

They can vote, buy a lottery ticket, and even serve their country in the military, but when your child turns 18 there are other impactful actions to take.

Your Child is 18. Now What?

Whether they are ready to leave the nest or not – heading to college, or into the workforce – there are a litany of documents and decisions to consider. Here’s a quick list:

Health Care Power of Attorney
What is it? This grants someone the authority to make healthcare decisions on your behalf, such as accepting or refusing medical treatment, when you cannot do so. Why is this important? Typically, power of attorney will defer to a parent, but this becomes critical if your 18-year-old child travels overseas.

HIPAA Authorization
What is it? Consent obtained from an individual that permits a covered entity or business associate to use or disclose that individual’s protected health information to someone else for a purpose that would otherwise not be permitted by the HIPAA Privacy Rule. Why is this important? By signing the authorization, an individual is giving consent to have their health information used or disclosed for the reasons stated on the authorization.

Financial Power of Attorney
What is it? This document enables your child to appoint someone to manage their finances and property. Why is this important? This gives the agent the power to manage the financial life of the principal when that person is unable to do so. Example: paying bills, making bank deposits, etc.

FERPA Authorization
What is it? The Family Educational Rights and Privacy Act (FERPA) protects the privacy of student’s education records. Why is this important? FERPA gives parents certain rights with respect to their children’s education records.

Simple Will
What is it? A will coordinates the distribution of assets after death and can appoint guardians for minor children. Why is this important? A will allows your children to make their wishes known.

All in the Family

Would you like to discuss any of these documents in more detail? Financial advisor Richard C. Osman and his team at Phronesis Wealth Management is here to help answer any questions you may have regarding your children as they enter adulthood. Give us a call at 410-647-6762 to schedule a meeting, or you can also schedule one online: https://go.oncehub.com/phronesis.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized legal advice. We suggest that you discuss your specific situation with a qualified legal advisor.