Most people do not think if estate planning until well after 40. However, even young people need an estate plan. If you own any assets, including a car, clothing, or bank account, you should have an estate plan since anything could happen at any time during your life. When your children head off to college, they are going to be on the road. They could come down with an illness or might not be able to avoid a car or workplace accident. Having an estate plan protects your adult child’s assets and allows you to make decisions for them when needed.
The documents that should be in your adult child’s estate plan include:
- Durable Power of Attorney, which allows your child to name someone to handle his or her legal and / or financial matters, should your adult child become incapacitated.
- FERPA Authorization gives the person your adult child names permission to access your child’s educational records, information about housing, tuition, grades, and class enrollment.
- Advance Directives for Healthcare in Georgia, this single document that contains the following:
- HIPAA Authorization, which allows you to view your adult child’s medical records. Should you need to make a medical decision for your child, you’ll make a better decision when you have all of the facts included in your child’s medical records.
- Medical Power of Attorney (Designation of Agents), which is not the same as a durable power of attorney. The medical power of attorney gives the person your child names permission to make healthcare decisions should your adult child become incapacitated.
- Living Will (Treatment Preferences) allows the person your adult child names to make certain medical decisions when he or she cannot communicate. Your adult child can dictate when to stop care if he or she has is terminally ill or if accident injuries cause your child to be on life support for the rest of his or her life.
If your child is getting ready for college and you want to ensure he or she is protected in the event of an illness or accident, contact Grissom Law, LLC, our Georgia Estate Planning attorneys can help you.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.