You might not feel like your child is an adult when he or she takes off for college, but when they reach age eighteen, your student is deemed a legal adult. Meaning, unless you finish some estate planning steps, you are going to no longer have the legal authority to stay informed about his or her financial assets or medical history.
\nWhy is this important? Consider the following situation.<\/p>\n
Your eighteen -year-old son, attending an out-of-state school, gets in a car accident. His roommate calls you to let you know he\u2019s in the hospital. You hysterically call the hospital, asking for an update on his medical condition. Rather than calming you, notifying you that he only has minor injuries, the hospital tells you they regrettably cannot release any confidential medical information. You inquire if you can make the drive to visit him and are told you are going to be turned away when you get to the hospital.<\/p>\n
You also discover that if your son becomes incapacitated for a period, you won\u2019t have access to his financial accounts for paying any of his living expenses, like electric bills or his rent.<\/p>\n
Without specific\u00a0legal documents\u00a0set up, you are going to likely need to petition the court for the right to handle your son\u2019s medical care and manage his financial matters. These circumstances only add to the frustration and anxiety of an already stressful situation.<\/p>\n
Luckily, an\u00a0estate planning\u00a0attorney can assist you in drafting several documents that can prevent you from undergoing such a situation. Three vital documents are below:<\/p>\n
In addition to the three essential documents mentioned above, you may also want to consider implementing the below:<\/p>\n
Whereas these are difficult matters to consider, it\u2019s always best to be prepared for the unforeseen. The knowledgeable estate planning attorneys at Ogborne Law can help you implement the necessary legal documents to guarantee your child is safeguarded.\u00a0Schedule a call\u00a0to learn more.<\/p>\n