Congratulations on your child reaching the Age of Majority. As they are becoming fully emancipated adults, at least in the eyes of the law, I wanted to make you aware of some best practices to keep everyone safe.
What are key “Must Do” items when reaching the Age of Majority?
Execute an Advance Directive for Healthcare, with three key components:
- Living Will – Articulates child’s wishes regarding care to be received (e.g., around artificial life support)
- Healthcare Proxy (aka “Healthcare POA”) – Authorizes one or more agents (often the parents) to make healthcare decisions on behalf of the child, in accordance with the Living Will, if he or she is unable
- HIPAA Authorization – Authorizes doctors and other healthcare professionals to discuss child’s medical records with child’s agent
Execute a Power of Attorney (aka “Financial POA”)
- Authorizes one or more agents to act on behalf of child in financial and legal matters (e.g., authority to access child’s bank account)
Provide Copies (or Originals) of Key Documents
- Give your child copies or originals of important documents, such as Social Security card and birth certificate
Register for the Draft, If Required
- Male U.S citizens between ages 18 and 26 must register with the Selective Service System (www.sss.gov)
Potential additional “Good To Do” items for your child include:
- Execute a Will
- Apply for a Credit Card and build a good credit score
- Give trading authority over accounts (as desired)
Please do not hesitate to contact me in case of further questions. Also, you may want to discuss details with tax and legal advisors.