Your Child Just Turned 18, Now What?

Eighteen marks a major milestone, and not just for your child. Turning 18 doesn’t only mean new rights and responsibilities; it also changes how you can support them legally and financially. 

This stage can feel like a lot to navigate, but with a few intentional updates, you can help your child start adulthood feeling supported, not overwhelmed. 

What Changes When Your Child Turns 18?

At 18, your child becomes a legal adult. That means you can’t automatically access their medical information, make decisions on their behalf, or manage accounts tied to their name, even if you still support them financially. 

It’s a good time to review a few key documents and plan to ensure you can still help if needed.

Legal Documents to Review

These forms create peace of mind for both parents and young adults. 

Healthcare Proxy and HIPAA Release 
These allow your child to name someone who can access medical information or make health decisions in an emergency. Without them, parents can’t receive updates or authorize care once a child turns 18. Learn more in our Essential Estate Planning Documents guide.

Durable Power of Attorney 
This authorizes you (or another trusted adult) to help your child handle financial matters if they’re unavailable or incapacitated. 

FERPA Authorization 
If your child is in college, the Family Educational Rights and Privacy Act limits who can see their academic records. With written permission, you can access grades or financial aid details. Learn more at the U.S. Department of Education. 

TRPG’s Legacy Wealth Strategies team can coordinate with your estate attorney to ensure these documents align with your family’s broader plan.

Reviewing Accounts and Financial Access

Your child’s accounts may automatically shift to their name once they reach adulthood. Take time to confirm account ownership and access:

• • Check if UGMA or UTMA custodial accounts need to be transferred.
  • Review checking and savings accounts to ensure they’re titled correctly.
  • Update beneficiaries on any investment or insurance accounts. 
  • Add your child as an authorized user on a credit card to help them build a positive credit history. 

If you’re unsure how these change fit within your overall financial plan, your financial planning team can help you align accounts and goals. 

Insurance Coverage and Protection

A few simple updates can help prevent gaps in coverage: 

Health Insurance
Confirm whether your child remains on your family plan. Under federal law, they can stay covered until age 26, but it’s good to double-check with your provider. HealthCare.gov offers helpful guidance. 

Auto Insurance
If your child owns or regularly drives a vehicle, review your policy to ensure proper coverage and liability protection.

Renters or Property Insurance
For college students or those in their first apartments, this can protect belongings and provide personal liability coverage. 

Your Wealth Manager can help you identify any gaps across policies so your family remains protected. 

Building Financial Confidence

Helping your child take ownership of their finances early can create lifelong confidence. Try a few small steps:

• • Encourage them to build a monthly budget and revisit it every few months. See 6 Steps to Becoming Financially Organized for a simple starting point. 
  • Set up a savings or investment account to reinforce good habits. Explore The 5 Stages of Building Wealth to help your child learn how money grows over time. 
  • Talk about credit, debt, and taxes in small, consistent conversations rather than one overwhelming sit-down. 

These lessons go beyond numbers; they teach responsibility, awareness, and independence. 

Coordinating with Your Wealth Manager

Life transitions like this are where planning really matters. Even minor legal or financial updates can ripple through your overall plan, affecting everything from tax strategy to long-term wealth transfers. 

Your Wealth Manager can help ensure: 

• • Beneficiary updates are reflected across accounts.
  • Powers of attorney and healthcare directives match your current plan.
  • Your family’s tax and investment strategies stay aligned as life evolves.

Our integrated approach connects Tax Planning, Financial Planning, and Legacy Wealth Strategies so nothing falls through the cracks. 

Preparing for the Road Ahead

Turning 18 marks a big step toward independence for both parents and children. With a few thoughtful updates, you can help your child step confidently into adulthood while ensuring your family stays protected. 

If you’d like guidance on what to review or how these changes fit within your broader financial plan, we can help. Schedule a 10-minute guidance call to talk through your family’s next steps.