Documents to Get When Your Kid Turns 18
When a child turns 18, certain legal and financial documents become essential. This article lists the documents parents should obtain to ensure their continued ability to support and protect their adult child.
When your child turns 18, they legally become an adult, and certain documents become important to ensure they have the necessary legal protections and decision-making capabilities. Here are some important documents and considerations:
State ID or Driver's License: Make sure your child has a state-issued identification card or driver's license. This is essential for various purposes, including travel, opening a bank account, and proving age for certain activities.
Social Security Card: If they don't already have one, ensure they have a Social Security card. This is required for employment and other financial transactions.
Healthcare Proxy or Medical Power of Attorney: Encourage your child to designate someone (you or another trusted individual) to make healthcare decisions on their behalf if they are unable to do so. This is especially important in medical emergencies.
Living Will or Advance Healthcare Directive: An advance healthcare directive outlines your child's wishes regarding medical treatment in specific situations. It's essential to discuss their healthcare preferences and ensure they have this document in place.
HIPAA Release Form: Your child should sign a HIPAA release form that grants healthcare providers permission to share medical information with specific individuals, such as family members.
Durable Power of Attorney for Finances: If your child is unable to manage their financial affairs due to illness or other reasons, a durable power of attorney allows a designated person to handle their financial matters.
Will: Even at a young age, it's wise to consider creating a basic will to outline their wishes for their assets and any dependent children in the event of their passing.
Bank and Financial Account Access: Ensure your child's name is on their bank accounts and investment accounts, and that they have access to these accounts. If they don't have accounts, this is a good time to open one.
Insurance: Review and update your child's insurance policies, including health, auto, and renters or homeowners insurance. Make sure they understand the coverage and how to access it.
Educational Records: If your child is continuing their education, they should maintain access to their educational records, such as transcripts and diplomas.
Voter Registration: Encourage your child to register to vote if they are eligible. This is an important civic duty and right as an adult.
Legal Representation: While not a document, consider discussing with your child the importance of consulting an attorney when needed, such as for legal matters like contracts, leases, or estate planning.
It's essential to have open and ongoing conversations with your child about these documents and responsibilities as they transition into adulthood. While you may provide guidance and support, your child's autonomy and understanding of these matters are crucial for their independence and decision-making capabilities.
Essential legal and financial documents parents should obtain when their child becomes an adult..
Essential legal and financial documents that parents should obtain when their child becomes an adult include:
- Durable power of attorney. A durable power of attorney is a legal document that grants someone else the authority to make financial decisions on your behalf if you are unable to do so yourself. This can be especially important if your child is going to be attending college or living away from home for the first time.
- Healthcare proxy. A healthcare proxy is a legal document that appoints someone else to make medical decisions on your behalf if you are unable to do so yourself. This is important for all adults, including young adults.
- Living will. A living will is a legal document that states your wishes for end-of-life care. This document can help to ensure that your wishes are respected if you are terminally ill or in a persistent vegetative state.
- Will. A will is a legal document that states how you want your assets to be distributed after your death. It is important to have a will even if you do not have a lot of assets. This is because a will can also appoint a guardian for your minor children.
In addition to these legal documents, parents should also encourage their children to obtain the following financial documents:
- Bank account. A bank account is a safe place to store money and to write checks.
- Credit card. A credit card can be used to make purchases and to build credit. However, it is important to teach children how to use a credit card responsibly.
- Student loans. If your child is planning to attend college, they may need to take out student loans. It is important to help your child understand the terms of their student loans and to develop a plan for repaying them.
Parents can help their children obtain these legal and financial documents by talking to them about the importance of these documents and by helping them to complete the necessary paperwork. Parents should also keep copies of these documents for their own records.
Here are some additional tips for parents:
- Start talking to your child about these documents early. The sooner you start talking about these things, the more comfortable your child will be with them.
- Explain the importance of these documents in a way that your child can understand. For example, you can explain that a durable power of attorney can help to ensure that their financial affairs are taken care of if they are unable to do so themselves.
- Help your child to complete the necessary paperwork. This may involve helping them to gather information and to fill out forms.
- Keep copies of these documents for your own records. This will make it easier to access them if needed.
By taking the time to help their children obtain these essential legal and financial documents, parents can help to protect their children's future.