While estate planning is probably one of the last things your teenage kids are thinking about, given the dire threat coronavirus represents, when they turn 18, it should be their (and your) number-one priority. Here’s why: At 18, they become legal adults in the eyes of the law, so you no longer have the authority to make decisions regarding their healthcare, nor will you have access to their financial accounts if something happens to them.
With you no longer in charge, your young adult would be extremely vulnerable in the event they become incapacitated by COVID-19 or another malady and lose their ability to make decisions about their own medical care. Seeing that putting a plan in place could literally save their lives, if your kids are already 18 or about to hit that milestone, it’s crucial that you discuss and have them sign the following documents.
Medical Power of Attorney Medical
Power of attorney is an advance directive that allows your child to grant you (or someone else) the legal authority to make healthcare decisions on their behalf in the event they become incapacitated and are unable to make decisions for themselves.
For example, medical power of attorney would allow you to make decisions about your child’s medical treatment if he or she is in a car accident or is hospitalized with COVID-19.
Without medical power of attorney in place, if your child has a serious illness or injury that requires hospitalization and you need access to their medical records to make decisions about their treatment, you’d have to petition the court to become their legal guardian. While a parent is typically the court’s first choice for guardian, the guardianship process can be both slow and expensive.
And due to HIPAA laws, once your child becomes 18, no one—even parents—is legally authorized to access his or her medical records without prior written permission. But a properly drafted medical power of attorney will include a signed HIPAA authorization, so you can immediately access their medical records to make informed decisions about their healthcare.
Living Will
While medical power of attorney allows you to make healthcare decisions on your child’s behalf during their incapacity, a living will is an advance directive that provides specific guidance about how your child’s medical decisions should be made, particularly at the end of life.
For example, a living will allows your child to let you know if and when they want life support removed should they ever require it. In addition to documenting how your child wants their medical care managed, a living will can also include instructions about who should be able to visit them in the hospital and even what kind of food they should be fed.
This is especially vital if your child has specific dietary preferences. For example, if he or she is a vegan, vegetarian, gluten-free, or takes specific supplements, these things should be noted in their living will. It’s also important if you don’t know all of their friends or who they would want to be part of their medical decision-making should they become unable to make decisions for themself.
Additionally, remember to speak with your child about the unique medical scenarios related to COVID-19, particularly in regards to intubation, ventilators, and experimental medications.
Durable Financial Power of Attorney
Should your child become incapacitated, you may also need the ability to access and manage their finances, and this requires your child to grant you durable financial power of attorney.
Durable financial power of attorney gives you the authority to manage their financial and legal matters, such as paying their tuition, applying for student loans, managing their bank accounts, and collecting government benefits. Without this document, you’ll have to petition the court for such authority.
Peace of Mind
As parents, it’s normal to experience anxiety as your child individuates and becomes an adult, and with the pandemic still raging, these fears have undoubtedly intensified. While you can’t totally prevent your child from an unforeseen illness or injury, with me as your Personal Family Lawyer®, you can at least rest assured that if your child ever does need your help, you’ll have the legal authority to provide it.
Contact me today to get started.
It is my pleasure to represent your family for the limited purpose of nominating healthcare agents who will care for you in the event of a disability. By signing this engagement letter, you are acknowledging that our firm is representing you only for the limited purpose of legally nominating healthcare agents and for no other purpose. If you engage our firm for any additional matters, a new engagement letter must be executed.
THE TEXAS DIRECTIVE TO PHYSICIAN AND FAMILY OR SURROGATES EXECUTED ON THIS DATE DOES NOT AVOID PROBATE, PROTECT YOUR CHILDREN’S INHERITANCE FROM THEIR CREDITORS OR PREDATORS, AND DOES NOT PROTECT YOUR ESTATE FROM ESTATE TAX.
You acknowledge that I have advised you on (and you understand) the following:
WITHOUT FURTHER PLANNING, YOUR ASSETS WILL PASS ACCORDING TO TEXAS LAW AND WILL BE FREELY AVAILABLE TO YOUR CHILDREN WHEN THEY TURN 18 YEARS OLD. UPON YOUR DEATH OR DISABILITY, ANY ASSETS TITLED IN YOUR NAME WILL BE PROBATED BEFORE THEY ARE AVAILABLE TO YOUR HEIRS. PROBATE COSTS MONEY, IS TIME INTENSIVE PROCESS AND COMPLETELY OPEN TO THE PUBLIC.
This engagement is limited strictly to legal services related to your Texas Directive to Physicians and Family or Surrogates to care for you in the event of your incapacitation or disability. It is understood that you are not relying on my office for estate planning, business, investment, accounting, or valuation decisions, and that before relying on us for any such advice, we will execute a new engagement letter.
If you are married or in a committed relationship and I am advising both you and your partner, by signing this engagement letter, you agree that you are waiving any conflicts that may exist now or in the future between the two of you.
DISPUTES
By this document, the client and this office agree that any controversy or claim arising out of or relating to this contract or breach thereof, including but not limited to any dispute relating to services provided, attorney fees or expenses, shall be settled by arbitration administered in accordance with the Texas Arbitration Act and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.