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      Coming of age party - 18th birthday. Woman holding delicious cake with number shaped candles on light blue background, space for text
      Wealth Management Insights

      Browse even more educational content on all things wealth management.

      Wealth Management Insights July 23, 2025

      Turning 18

      Essential items for your child (or grandchild) as he/she officially becomes an adult

       

      Eighteen marks the age at which an individual is legally recognized as an adult in most jurisdictions. This means they can vote, sign contracts, make independent medical decisions and bear full legal responsibility for their actions. It also means that parents can no longer make healthcare, financial, or legal decisions on their child’s behalf.

      1. Medical Power of Attorney (POA): Once your child turns 18, parents no longer have the automatic legal right to make medical decisions on their behalf. It is wise to have your child appoint a parent as their health care proxy or POA.
      2. HIPAA Release Form: The Health Insurance Portability and Accountability Act (HIPAA) protects medical privacy; parents must have a HIPAA release form on file to speak with providers or access medical records after age 18, even in emergencies.
      3. Financial Power of Attorney: This document allows a parent to make financial decisions and access financial records on your child’s behalf. This is especially important for things like signing tax documents, monitoring tuition or rental payments and assisting with finances while the child is abroad.
      4. Simple Will: All adults should have a basic will directing where any assets held in their name should pass. The addition of a revocable trust will prevent any assets going through the slow and public process of probate. 
      5. FERPA Authorization: The Family Educational Rights and Privacy Act requires students over the age of 18 to provide written consent to share educational records to another person. Without this, parents cannot access grades, student educational records or even records of healthcare treatment while at school.

      Turning 18 is both exciting and daunting. For young adults, it signals newfound freedom and independence but also a significant increase in personal responsibility. To support your child in this journey, help them assemble the essential documents and understand their rights and duties.

      If you have any questions about the information in this article, please contact your Old National Wealth Advisor or find a local Old National Wealth Advisor at oldnational.com/private.

       

      The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by Old National Wealth Advisors to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

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