Although it can be convenient to have your child named on your bank account to pay bills when you’re sick or away, adding a child’s name to a bank account may have unintended consequences for both you and the child.
Many financially stable seniors who are choosing to age in place, already have a “smart” home employing the sorts of technology that can prolong their independent living circumstances. Family caregivers are freer to move about their daily lives knowing they can check remotely on their loved one and that the loved one has a set of controls at their disposal to monitor their environment. Some of these seniors are also tracked directly by medical staff that can assess if any of the patient's medical vital signs are outside of a safe range. While corporate competition for senior market dollars has made many of these devices within reasonable price points, Medicare is attempting to catch up to the market demand for the use of these products and include them as refundable medical expenses. Private enterprise and public policy are not in synch.
Often times, spouses will bring children into a marriage from a prior marriage or union and then also have children together. This is generally referred to as a blended family. Blended families highlight the need for careful estate planning to make sure the needs of each spouse are met, as well as the needs of each parents' children.
When your son or daughter turns 18 (in most states), it might be hard to imagine that little child who once needed you for everything has now become – overnight – an adult. Now your child is free to vote, marry, apply for a credit card, make medical and financial decisions, sign contracts, and live independently. No wonder the law calls this coming of age “emancipation.”
But if your adult child is hurt in an accident and needs somebody to make critical medical decisions, you cannot be the one to do that without your child having named you as power of attorney, even if you’re still paying for your child’s health insurance. If that child is so injured that a guardian is needed, you would not automatically be that person. Court proceedings would be required and those are expensive and time-consuming. A health care power of attorney would avoid that headache and would give you the standing you need, in one efficient document.
The information on this website is for education purposes only and is not, nor is it intended to be, legal advice. An attorney consultation is necessary for you to receive advice regarding your particular situation.