They’re Not Kids Anymore! Navigating Your Child’s Transition Into Adulthood
When your child turns 18, they are legally recognized as adults, although they still have much to learn and experience (even if they believe otherwise!). As adults, their health and financial information is protected by privacy laws. However, you can still support them if you and your child plan accordingly.
The Reality of Legal Adulthood
Many parents are surprised to learn that once their child turns 18, they no longer have automatic access to their child’s medical and financial information. Legally, you have the same access as a stranger unless steps are taken to plan ahead. With proper preparation, you can ensure you’re able to assist your newly-adult child if the need arises. Here are three strategies to facilitate this transition smoothly.
Strategy 1: Education
Educating your child is crucial for a smooth transition to adulthood. At my firm, we emphasize the importance of education to empower both you and your child to make informed decisions. Teaching your child about their financial and legal responsibilities helps them make wise choices.
Start discussions about budgeting, banking basics, and credit management. Explain how to track income and expenses, set financial goals, and the importance of maintaining a good credit score. Assist them in setting up their own bank account and understanding how to manage it responsibly.
Also, introduce them to their new tax obligations, teaching them how to file taxes and understand necessary documents like W-2 forms. In addition, educate them on healthcare decisions, emphasizing that you no longer have automatic access to their medical records or the authority to make medical decisions for them.
Strategy 2: Encourage Communication
Open communication is vital for navigating adulthood. Have honest discussions with your child about their healthcare and financial preferences in emergencies. Talk about who they would want to make decisions on their behalf if they become incapacitated, and discuss scenarios involving medical interventions like ventilators and resuscitation.
Similar conversations should be had regarding their financial matters. Make sure you understand their financial situation and have a plan for accessing accounts and managing bills if necessary. Reassure your child that the goal is to support them, not to control their autonomy.
Strategy 3: Legal Planning
Legal planning is essential to document your child’s wishes and ensure they are honored. At a minimum, your child’s legal plan should include:
- Health Care Proxy and Advance Directive: These documents appoint someone to make medical decisions on your child’s behalf and outline their treatment preferences and wishes regarding end-of-life car.
- HIPAA Authorization: Allows you to access your child’s medical information.
- Power of Attorney: Authorizes someone to manage their financial affairs if they are unable to do so.
Additionally, consider whether your child needs a will or trust for post-death planning. Regularly review and update these documents as life circumstances change.
Taking the Next Step
With these strategies, you are now equipped to support your child through their transition into adulthood. Booking an appointment with our firm can provide further assistance in having these crucial conversations and establishing a legal plan. Unlike cheap online tools, working with our firm ensures a personalized approach, building a relationship that supports your child throughout their life.
Support for Your Family
As a Personal Family Lawyer Firm, we understand the challenges of this transition. We can guide you and your child through their new legal responsibilities, facilitating hard conversations, and creating a comprehensive legal plan. Contact us to learn more about our Life & Legacy Planning process and how we can support your family in making the best decisions for your future. Click here to schedule a 15-minute conversation.
