Estate Planning for your Kids
By Ian S. Giovinco, Esq., Anton Castro Law
According to a recent WSJ Article on June 14 (and this Attorney), if your child is 18 years or older, then your child needs Estate Planning! Most parents assume their children are their responsibility until the children are “on their own”.
Unfortunately, the second they turned 18 – THEY ARE ON THEIR OWN. Even if it doesn’t seem like they are! Legally your child is an adult and in need of Estate Planning. Below are some of the necessary documents EVERY ADULT should have.
Health Care Surrogate. Who will make health care decisions for your adult child? Which parent? Both? A Sibling? If the parents are divorced, then who makes the call? If the child is away at college, is there someone close by that could help in a medical situation?
HIPAA Release. This is very important. Who has access to your child’s medical records? YOU DON’T! You child is an adult and must choose who can access his/her records. This needs to be in writing.
Durable Power of Attorney. Who can access your child’s bank account and take care of ALL of their financial needs? Credit cards? Bank accounts? Tangible assets such as a Car? A Pet? Again, your child needs to appoint a power of attorney and an alternate. I know you say your child has no assets. However, the Personal Representative may have to deal with your child’s pet, car, debts, lawsuits, and perhaps the distribution of tangible assets or other assets. You are not liable for these but often a personal representative just needs to be appointed to take care of issues that may arise. The fact is that your child must choose someone. Everyone needs a Personal Representative named in a Will just in case there is something to do. There may be nothing to do, but you never know.
Please email me, IGiovinco@AntonCastroLaw.com or call me for an appointment. These documents are a necessity. Because we are usually not dealing with a lot of assets, this can be done quickly and I don’t want any of your children walking around without the necessary documents.
“It’s ALL about Living!”
Anton Castro Law 1219 N. Franklin St. Tampa, FL 33602
(813) 907-9807 (office)
(813) 728-8548 (cell)
(813) 441-9818 (fax)