Are you sending your child off to college, a mission, a gap year or to study abroad this fall? If so, I am adding one more job to your list before you kiss them and send them off.
Are you prepared?
I was recently reminded that once your child turns 18, you lose the parenting authority that you once took for granted, for example, being able to get medical updates if your young adult is admitted into the hospital for an emergency and is miles away from home.
3 Important Documents to have
There are three different legal documents that may prove very useful if an emergency strikes while your young adult is far from home. The three forms are the HIPAA authorization, durable health care power of attorney and a durable power of attorney. These three forms, if filled out in advance will be your best defense if your child is confronted with a medical emergency now that they are over the age of eighteen. Always better to be prepared in advance than caught off guard in a crisis.
HIPAA authorization allows the health care providers to provide you with any medical information and the details of your child’s medical situation.
Durable Health Care Power of Attorney allows your child to appoint someone to make medical decisions on their behalf when they are unable.
Durable Power of Attorney allows your child to appoint someone to take care of financial affairs if they were out of the country or incapacitated. They do need to be careful when giving someone this level of power on their affairs, for example the ability to pay bills, make bank transactions, and sign tax returns.
As always, I am here to help. Do not hesitate to give me a call if you have questions.
Fortunately, for those in Arizona the HIPAA waiver of confidentiality is included in the Durable Health Care Power of Attorney.
For Arizona residents the links are provided below:
https://www.azag.gov/sites/default/files/docs/seniors/life-care/2018/LCP_Packet_fillable-PoA.pdf
Impact Wealth Advisory, PLLC and Deborah Bishopp do not provide legal advice. Please consult a qualified attorney for assistance with any legal issues. The information related to estate planning in this blog is general in nature and does not constitute legal advice or a solicitation for any such service.