As our children start that senior year in high school or start college it’s time to remember that your 18-year-old is legally an adult for most purposes and new issues of property ownership and life management are now in play.
Estate planning traditionally involves who owns property when someone dies, and how a person’s personal and financial needs are met.
Here’s a simple situation that could happen to many families. My child is starting college and I buy her an automobile. Simple enough? Actually not.
If I die, who owns the automobile? It depends on how the title is structured. Is it my name, my child’s name, both names, is there a right of survivorship, is this a transfer on death title?
It also depends on my estate planning. Do I have a will? Who are the other family members?
Then take the situation in reverse. If my child were to die who owns the automobile? Me, my former spouse, my current spouse, my other children? Again, it depends on the facts of the situation.
Moving away from the unpleasant subject of death what other issues might come up?
Medical decisions and information is always an area that needs planning.
If your 18-year-old couldn’t make her own medical decisions who would make them. You, your former spouse or someone else?
Who has access to an 18-year-old’s medical records? Legally an adult and entitled to privacy under the HIPAA laws.
These are just two of many possible situations that could be addressed with a simple consultation with an estate planning attorney.
So with all the excitement of starting college or even senior year of high school don’t forget to plan for ownership of property and medical care.
Attorney Rob Morris is an attorney at Hammerle Finley Law Firm, a boutique law firm offering services in estate planning, probate, guardianship, business law, litigation, and real estate. Contact him at 972-436-9300. This article does not constitute as legal advice.
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