Congratulations, you have a graduating senior. This is an exciting new time in your and your child’s lives. There are many new opportunities and experiences that await the graduate as well as risks that you may not have thought of.
Your child is most likely now a legal adult and they will now be treated differently by society as expected, but your legal relationship with your child has now also changed.
Imagine the nightmare scenario of your child getting into an accident or a sudden severe illness while away at school, traveling, or even while still living in your own home. Imagine having the medical professionals and institutions treating your child unable to share any information with you or allow you a voice in their treatment because of privacy laws.
A preemptive step you and your child can take would be to establish a Medical Power of Attorney. What is a Medical Power of Attorney? It is a legal document that allows you to choose someone to make important healthcare decisions on your behalf in the event that you are injured in an accident, undergoing surgery, or develop a medical condition that prevents you from making decisions on your own. In this document you will be able to choose your own Medical Power of Attorney Representative as well as an Alternate Medical Power of Attorney Representative, who will then be able to make these decisions in the event that you are unable to make them on your own.
A Medical Power of Attorney is a critical step in your estate planning process and could be put into place on a stand-alone basis or as part of a comprehensive review of your personal situation. You may have an attorney draft a custom document for you that lists out specific decisions related to your health and healthcare options.
There are also many fill-in-the-blank Medical Power of Attorney forms available that you may use. The form will need to be witnessed or notarized to become effective.
Scheduling time with an experienced financial professional to review your specific circumstances is an important step in putting your personal and financial affairs in order and well worth the time you invest in yourself.
The above is the opinion of the author and should not be relied upon as investment or legal advice or a forecast of the future.
Michael J. Day, CPA, PFS™ is the founder of Grand Canyon Wealth Management, where he provides financial planning, estate planning, wealth management, and investment services. For more information, or to schedule a complimentary consultation, visit grandcanyonwealthmanagement.com, call (480) 590-3590 or e-mail Michael.j.day@lpl.com.