Protecting Your Child: Legal & Financial Steps for Adulthood

Protecting your child will always be your number one job, even as they reach adulthood. Watching your child grow into an independent adult is a bittersweet milestone. While it’s exciting to see them spread their wings, it can also be challenging to adjust to the new dynamics of your relationship. One of the most significant changes is the shift in legal and medical responsibilities. Here are some things to consider when protecting your child as they transition into adulthood.

The Legal Shift at 18

Once your child turns 18, they are legally considered an adult. This means they have the right to make their own decisions, including medical choices. While this newfound independence is crucial for personal growth, it can also be a source of worry for parents.

Insurance Coverage: A Lifeline

There’s a silver lining: in the United States, most health insurance plans allow young adults to stay on their parents’ coverage until they turn 26. It’s essential to take advantage of this opportunity and ensure your child understands the importance of maintaining coverage.

The Medical Information Gap

While your child can be on your insurance until 26, you lose the legal right to access their medical information once they turn 18. This means doctors and hospitals cannot share details about your child’s health with you without their written consent.

Building Open Communication

To navigate this complex landscape, foster open communication with your child. Encourage them to keep you informed about their health, and explain why it’s important for you to be involved. While you can’t legally demand access to their medical records, a trusting relationship can go a long way.

Estate Planning: Protecting Your Child’s Future

As your child transitions into adulthood, it’s also crucial to consider estate planning. This involves creating legal documents that outline your wishes for your child’s care and inheritance.

• Guardianship: Designate a guardian who will care for your child if both parents pass away before they turn 18.
• Wills and Trusts: Create a will to outline how your assets will be distributed. A trust can provide for your child’s financial needs without giving them direct access to funds until they reach a specific age.
• Life Insurance: Consider life insurance to provide financial security for your child in case of your untimely death.

Practical Steps to Prepare

• Have Open Conversations: Talk to your child about their expectations and concerns about becoming an adult.
• Discuss Healthcare: Explain the importance of health insurance and encourage them to be proactive about their healthcare.
• Explore Advance Directives: Consider discussing advance directives with your child. These legal documents outline their wishes for medical care in case of incapacitation.
• Seek Professional Advice: Consult with an estate planning attorney to create comprehensive plans for your child’s future.

Remember, the transition to adulthood is a journey for both you and your child. By understanding the legal and practical implications, you can better support them as they embark on this new chapter of their lives.

By addressing these important areas, you can help ensure your child’s well-being and financial security as they navigate the complexities of adulthood.

Ready to take the next step in planning for your child’s future?

Navigating the complexities of adulthood can be overwhelming. Let our experienced estate planning attorneys guide you through the process. Contact us today.