You have total control over your child’s finances and healthcare before they reach 18. After age 18, you can no longer access bank accounts or make healthcare decisions. The best parental advice from an estate planning solutions law firm in Newnan, GA is to have them sign estate planning paperwork before your kids leave for college.
This is important because it allows you, as their parent, to access their medical data and bank accounts if they become disabled. Signing these forms gives you the legal ability to assist them if they ever need it.
Durable Power of Attorney
One thing that a reputable estate planning solutions law firm in Newnan, GA will tell you is that your child’s bank accounts will require a Durable Power of Attorney if they become incompetent. Without a signed Durable Power of Attorney, you must go to court to obtain access. A power of attorney allows you to handle their financial and legal affairs, such as paying payments, filing for Social Security, and managing bank accounts.
HIPAA Authorization
The Health Insurance Portability and Accountability Act (HIPAA) of 1996 mandates health care providers and insurers to secure patient health records. After your child becomes 18, no one, not even you as their parent, have legal access to their medical records without written consent.
But you can fix this by having your child sign a HIPAA authorization allowing you to see their medical information. This, along with being named their Health Care Proxy, is vital if you ever need to make medical decisions for your child.
