Summer marks the end of the academic year, and for high school graduates it means the beginning of a new chapter and official mark of adulthood. Whether you are off to college or you have plans to enter the workforce, turning 18 years old comes with many changes. As a parent herself, attorney Sarah Sugg is especially empathetic about what this new chapter means for your family. Consider the following checklist as your summer homework assignment for planning for this new chapter:
- Plan for Health Care Decisions and Information Access
Effective upon your child’s 18th birthday, parents no longer have a right to their child’s medical information or decisions, but there are health care legal documents such as Health Care (Medical) Power of Attorney, Living Will, and HIPAA Authorizations which can be prepared and tailored to your specific needs. - Plan for Management of Legal and Financial Affairs
Without a legally valid Durable Power of Attorney, if you were to be in an accident and become incapacitated, loved ones might have to go through a Guardianship proceeding to obtain the legal authority to step in your shoes to manage your legal and financial affairs. - Succession Planning for 529s
529s are generally controlled by the donor who set up the account. It is important to name a successor custodian to ensure there is no disruption to the student’s 529. - Consider a Will and Understand Intestacy in Your State
In North Carolina, if you die without a Will, your assets will pass according to the laws of intestate succession. The assets of an individual who has no children or spouse, for example, would be distributed to their parents by default. In some circumstances, this may not be desirable. This is a good time to understand what the law says and make sure it aligns with your intentions if you were to die without a will.
- Plan for Health Care Decisions and Information Access
While the topics discussed in this blog are specifically geared towards young adults, it is important to remember there are several other important considerations when determining what type of planning is right for you. We recommend speaking with an estate attorney to guide you and give your family a peace of mind for the next chapter. At Conrad Trosch & Kemmy, we have over 50 years of experience in helping families navigate planning for their future. Give us a call when you are ready to check some of these important items off your summer homework list!
Congratulations, 2023 graduates. You will do great things!