You are proud of the child you raised to become an adult and leave home for college. However, some of the habits you’ve grown accustomed and comfortable with may no longer be appropriate or even possible.
Once a child reaches the age of majority (18 in most states) he/she is considered an emancipated adult able to manage his/her own affairs.
If you’ve been handling your child’s banking and health care arrangements, in the yes of the law you may no longer do so without a properly executed power of attorney.
An immediately effective financial power of attorney allows you to handle your child’s finances and property, so you can continue to manage his/her bank accounts even if you are not a co-signatory on the account.
A health care power of attorney (HCPoA) allows you to communicate your child’s healthcare wishes in situations where the child cannot make his/her wishes know. Some health care powers of attorney included a HIPAA release authorization enabling your child’s health care provider to release protected health care information to you. Just because you are a parent doesn’t entitle you to automatically receive that information about your child. If your child’s HCPoA doesn’t include a HIPAA Release Authorization you should ask your estate planning attorney to draft a separate document.
Yes, they’re still your kids, but as soon as they become adults, the rules change. If you are in that situation, call Agins Law Firm, PLC, PLC at (480) 401-2660, to schedule a free consultation. It’s better to prepared for an event that never happens than to have to scramble at the last minute for failure to prepare.