Excerpt from: NY MetroParents (click for full article)
An attorney will make sure that the correct financial advisor represents the child's best interests, while a health care proxy delegates health care decisions in case one or both parents are injured. Parents also should appoint a legal guardian for the child. A memorandum of intent, which states what everyone should know about the child, should be created early and updated annually. This includes information for caregivers, lawyers, and financial advisors the child will work with throughout his life, even after the parents are deceased.
Financially responsible parents will work with a trained financial professional, he says, because there is no one-size-fits-all plan that will solve each family's unique challenges. They must also be aware of the timelines that exist for claiming certain services. Many services expire, and changes take place around the time the child reaches adulthood.
Although they can do it at any time, parents should become their child's legal guardian before the child's 18th birthday. After a child reaches adulthood, parents can no longer make decisions, including medical ones, for their child without legal guardianship. Health insurance companies will not give out information unless parents have guardianship, either.
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