Graduation Gift? How About Legal Documents?

Graduation gift how about legal documents

Graduation gift – How about legal documents? Arguments have been made that a set of legal documents are the best gift for a high school graduate. Now that’s not quite as bad as coal in a Christmas stocking. But not quite as much fun as a MacBook Air, either. A recent USA Today article explained why it’s worth considering.

Think about it – an 18-year-old is a legal adult.  

“What this means to each of us is the only individuals that can make financial or health care decisions for us are the individuals we legally appoint.  Mommy and Daddy are no longer the legal guardians,” says Clearwater, Florida attorney Linda Chamberlain in her own blog post on the topic: The Best Gift for the Graduate

But They Don’t Own Anything!

You might say, “But my 18-year-old doesn’t own anything. Why do they need a will?” There are other documents that become important upon reaching adulthood. For 18-year-olds who don’t own anything, they still have rights, such as:

  • to private medical records,
  • to make their own health care decisions,
  • to sign their own lease or
  • to open, close or pay bills on a bank account.

If the young adult is incapacitated, parents can no longer legally do those things for them.

The most common worst-case scenario described is an accident where the young adult is hospitalized. This is when documents like:

  • a HIPAA designation (allows consent to share medical records),
  • Health Care Surrogate (consents to have health care decisions made),
  • Durable Power of Attorney (for managing money and accounts), and
  • Living Will

could be crucial.

In Florida, most estate planning attorneys will provide a set of documents for a small flat fee, especially for children of their established clients. Ask your attorney, check your local estate planning council directory, or ask your professional advisors for referrals.

Contact us if you need referrals for Tampa Bay area attorneys or if you have other financial concerns for someone becoming a newly-minted adult. Schedule a call with the online calendar button at our page: Contact.

Holly Donaldson

Holly Donaldson, CFP® runs an hourly and fee-for-service financial planning practice virtually from her Tampa Bay, Florida office. She also works with clients throughout the U.S. (except Texas) interested in retirement and tax planning advice without product sales or investment management. Holly is the author of The Mindful Money Mentality: How to Find Balance in Your Financial Future (Porchview Publishing, 2013) and publisher of the award-winning monthly e-letter, "The View From the Porch."

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