Grown and Flown-What documents do young adult children need to protect themselves?
Do you have an 18-year-old headed off to college? Or even a young adult making their way in the world? You might be surprised to learn that they too should have some estate planning documents in place to help protect them both financially and health-wise.
For example, did you know that without legal documents in place, a hospital or doctor will not allow you to make important medical decisions for your adult child, even in emergency situations? It’s true. Imagine receiving a call at 1:00 a.m. from an ER personnel in another state asking for verification of your adult child’s insurance benefits. The care provider will not share any other information about the adult child’s condition other than the fact that he/she is in the emergency room at a particular hospital. Imagine the panic that this parent would feel–sitting and waiting, calling the child’s cell phone over and over, before eventually learning with great relief that the child has just sprained his or her arm. This happens. HIPAA laws protect an adult’s right to medical privacy, but the laws also often prevent our loved ones from gaining valuable information about our medical condition so that important decisions can be made.
In addition, banks and other financial institutions also will not allow you to have access to your child’s accounts should an adult child become incapacitated in some way.
We often think only older adults need estate planning documents. But the truth is, all adults need certain legal documents to help protect their finances and their health should they become incapacitated and unable to speak for themselves. I know I want my loved ones to make important decisions for me if I am unable to do so. Wouldn’t our children want the same?
Call (503) 641-6262 to schedule a complimentary consultation to discuss our Grown & Flown package.
Here are five legal documents, known as our “Grown and Flown” Package, that every young adult should have, and that every parent should want:
We provide our “Grown and Flown” Package for a flat fee of $500. If you are interested in getting more information, or know someone who is, please contact our office at (503) 641-6262 to schedule a consult.