What About the Children?

I often am asked if my child needs any type of legal document or estate planning. The quick answer is yes if your child is 18 years of age or older. Especially if your child is away at college, the parent needs to have the child’s estate planning, financial planning and health documents.

Just like any of us, your child needs a will, a financial power of attorney and health advanced directives. Why?

I had a case where a 20-year-old child was killed in an accident. Mom raised this child and dad was not involved at all with raising his child. Since the child did not have a will, mom and dad had to split the insurance proceeds 50/50. Mom was beside herself and very upset her ex-husband received those funds.

If the child had a will, mom probably would have received 100% of the insurance proceeds.
If your child has a financial power of attorney, the designated parent can have access to the child’s bank account, talk to and pay automotive insurance and actually get grade information from the college the child is attending.

Then there is the need for advanced directives – durable power of attorney for health care and living will. There is a misconception that because you are the child’s parent you have the right to obtain their medical records and make medical decisions if the child was hospitalized and unable to communicate with the doctors. Without the documents, you cannot get access to medical records or make any medical or end of life decisions.

Many years ago, a mom and dad were visiting my wife and me when they received a call that their son was injured in Colorado while skiing. The parents could not get any medical information by telephone. No one would talk with them or update them about their son’s health status. The dad was on the next flight to Colorado to check on their son. If the son had a healthcare power of attorney, it could have been faxed or emailed and the parents could get the information.

A lot of your children will be coming home for the summer, now is the time to make sure your child executes these documents. We hope you never need to use them, but having them in place can be a lifesaver.

As I always say, see a qualified attorney who concentrates in this legal area.
Questions, comments or ideas about future articles contact me at jurban.gcu@gcuusa.com.

Atty. John J. Urban