Protecting the Health and Finances
of Your College-Bound Child
When
helping to prepare your child for college, it is easy to overlook the fact that
your child is, or will soon be, 18-years-old. However, the 18th birthday marks a very significant
change in the legal responsibilities you have as a parent. Once your child turns 18, legally, he or she is responsible
for making all financial and health care decisions for himself or herself. As a
parent, you no longer have access to the health care records or financial
information of your child. While this is generally a positive step for the
independence of your child, it is important to have a plan for the unexpected,
or emergency situation, when your child begins college. We recommend the
following documents be executed by your child when he or she turns 18:
HIPAA Waiver
Under
federal law, certain important health care information cannot be disclosed to
family and friends, no matter the circumstances. In an emergency situation,
this can cause a problem for parents attempting to receive basic health care
information regarding their adult child. By signing the HIPAA Waiver, your
adult child is granting you access to his or her medical information.
Healthcare Power of Attorney
If
a situation arises and your adult child is unable to make his or her own health
care decisions, it may be difficult and time consuming for you to eventually be
able to make a decision on behalf of him or her. However, if your adult child
signs a Healthcare Power of Attorney authorizing you to make medical decisions
on his or her behalf if he or she is unable to, you would show this to the
attending physician and immediately be able to make the decision for your adult
child.
Durable Financial Power of
Attorney
Situations
may arise where you need to access your adult child’s financial information or
may need to make a financial decision for your adult child. Your adult child
may sign a Financial Power of Attorney, which authorizes you to make these
decisions on his or her behalf. Once this document is shown to the financial
institution, you would be able to take action on behalf of your adult child.
If
you would like any further information or have any questions about these
documents, you may contact Charles H. McClenaghan, Of Counsel, Law Office of
Lardiere McNair, LLC at 614-429-1053
