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When a child turns 18, they become a legal adult. Parents no longer have automatic access to their medical, educational, or financial information, and they cannot make decisions on their behalf without permission. To help protect your child and prepare for emergencies, consider these five important legal documents:

FERPA Waiver

  • Allows parents to access college education records, including grades, tuition, financial aid, and disciplinary information.
  • Helpful if parents are assisting with college finances or want to stay informed.

HIPAA Waiver

  • Gives parents permission to access their adult child’s medical records and speak with healthcare providers.
  • Does not allow parents to make medical decisions.

Advance Directive (Medical Power of Attorney & Living Will)

  • Names someone to make healthcare decisions if the child is unable to do so.
  • Includes instructions for medical treatment and life-support preferences if the child becomes seriously ill or incapacitated.

Financial Power of Attorney

  • Authorizes a trusted person to manage financial matters if the child is unable to do so.
  • Can include paying bills, managing bank accounts, handling investments, filing taxes, or other financial responsibilities.
  • Authority can be broad or limited, depending on the document.

Simple Will

  • Specifies how the child’s assets should be distributed after death.
  • Helps avoid legal complications and allows an executor to manage both physical and digital assets, such as social media accounts.

Key Takeaway:

Having these documents in place helps ensure parents or another trusted individual can assist an adult child with education, healthcare, finances, and estate matters when needed. An estate planning attorney can help prepare the appropriate documents for your family’s situation.

Any opinions are those of Randy Carver and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Prior to making an investment decision, please consult with your financial advisor about your individual situation.