As you near retirement age, it also means that your children are nearing (or already in) their adult years. While thinking about an estate plan for your adult children is probably the furthest thing from your mind (and theirs), it is a good idea to put in place, just in case.
Once your children are over 18, you no longer have any control over (or access to) their medical records, or the ability to make decisions about their medical treatment, should they be unable to make the decisions themselves. Imagine how you would feel if your son or daughter needed medical treatment, and you couldn’t do anything to help them without going through the court system.
To prevent this terrible scenario from becoming a reality (and it does happen), you simply need to have your child fill out a health care proxy with a HIPAA release. With this form, your child can delegate you as their agent, thereby giving you access to medical records and the right to make medical decisions on their behalf.
HIPAA, or the Health Information Portability and Accountability Act, is the law that protects medical records for people over the age of 18.
In addition to a HIPAA release and health care proxy, it’s a good idea to have your child also complete a Durable Power of Attorney, which will also allow you to make financial decisions on your child’s behalf if they become incapacitated in some way.
These preparations are something that you will hopefully never have to use, but by putting these protective documents in place, you can be sure that you won’t add court battles to the list of stressors should something happen to your child. These steps will ensure that your child gets the care they need, and give you some peace of mind for the worst-case scenario
