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September 2017: Essential Documents for Young Adults

By: Karen Schaeffer, CFP®
Published: September 20, 2017
By now the members of the high school class of 2017 heading for college or a gap year are finally getting settled. Families across the country are tearing up the check lists from Bed, Bath and Beyond, putting the last box of forgotten items in the mail and starting to enjoy the calm that a slightly emptier nest can bring.  But there is likely one more essential financial planning task that needs attention. Our 18-year-old pseudo adults are real adults in the eyes of the law and we need them to sign very adult-like documents:  a health care proxy with a HIPAA release and a durable power of attorney.   Without them, if a student is incapacitated – even for a short period of time – no one can make healthcare or financial decisions on their behalf without a court order.