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. The medical professionals who are treating your child may be unable to share any information with you or allow you a voice in treatment because of privacy laws. A preemptive step you and your child can take would be to establish a Medical Power of Attorney.
A Medical Power of Attorney is a legal document that allows you to choose someone to make important healthcare decisions on your behalf if you are injured in an accident, undergo 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 if you are unable to make them on your own.
A Medical Power of Attorney is a critical step in your estate planning process. 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. The form will need to be witnessed or notarized to become effective.
If you do not have a custom Medical Power of Attorney form and would like to receive a fillable form, please feel free to reach out to me and I would be happy to provide a free publicly available form.
As you can see, estate planning is not just for the elderly and/or wealthy. 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. How you handle a catastrophe is important, but avoiding a catastrophe in the first place can have an even bigger impact on your life.
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. It is not a recommendation, offer, or solicitation to buy or sell any securities or any investment strategy. It is for informational purposes only. The above statistics, data, anecdotes, and opinions are assumed to be true and accurate. Grand Canyon Wealth Management does not warrant the accuracy of any of these.
Michael J. Day CPA PFS™ is the founder of Grand Canyon Wealth Management, where he provides financial planning, estate planning, wealth management, insurance, 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. You may also follow him on Twitter @GrandCanyonWM. Securities and advisory services provided through LPL Financial, a registered investment advisor member FINRA/SIPC. Grand Canyon Wealth Management is not an affiliate company of LPL.