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So My Kid Turned 18 – Now What?

The legal age of adulthood (age of majority) in Texas, Nevada and most other states is 18. Although that is still too young to drink, it is old enough to enter into a contract or even to vote. However, most importantly, at 18 our child can make his or her own decisions regarding their finances and healthcare.  So now, the authority we as parents have been used to exercising: such as making medical appointments, discussing medical  insurance and other related decisions, or even dealing with their finances (such as bank accounts), are off limits to us.

While our 18 year old is legally an adult, we as parents are often still managing various aspects of their lives.

So when your kid turns 18 years old, what legal documents do you need for a seamless transition?

I recommend that at a minimum, you obtain a medical power of attorney and HIPAA forms so that if your child needs your help with any medical related issues or payments or even heaven forbid, medical decisions – you can help.  I also recommend that you get a financial power of attorney so when he or she calls and needs you to either deposit money into his account or needs you to check the balance or deal with the banking fraud that may have just happened, the bank will allow you to obtain information and/or complete the transaction.  You can be a co-signor on the account, but that can sometimes create other issues.

All of this must be willingly agreed to by your adult child as they need to sign documents to authorize your access to their medical and financial records.  This authorization can also be revoked by them at anytime.

I also recommend that at 18 a child get a will, but in reality most people are less concerned with the possibility of disposing of assets at their child’s unlikely death than dealing with the financial or medical aspects during their life.

Should you be interested in discussing these topics further please do not hesitate to contact my office to schedule an appointment.

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