When Your Child Becomes Independent: What to Consider (And How to Feel More at Peace)
I work with many clients whose children are heading off to college, graduating, or beginning their first jobs. It’s such an exciting time—and yet, as parents, it can be hard to know exactly how to show up. You want to support them, but not overstep. You want to give them space, while also making sure they’re protected and set up for success.
With a 13- and 10-year-old at home, I’m not quite in this stage yet myself—but I walk alongside many families who are. And what I’ve seen is that while there’s no one-size-fits-all plan, there are some key conversations and behind-the-scenes planning steps that make a big difference—and often get missed.
We’ve created a full checklist to help you navigate this transition with more confidence. You can explore it here, and we’ve also summarized a few highlights below.
Important Documents & Privacy Shifts
- Once your child turns 18, you may no longer have automatic access to their health, academic, or financial records.
- Have your child sign a HIPAA release and FERPA waiver so you can access their records if needed.
- Consider medical and financial powers of attorney, especially if they’re out of state or living away at college.
Residency, Health Insurance & Budget Changes
- If your child is going to school out of state or moving out on their own, check their residency status and ensure documents like driver’s licenses and insurance policies are up to date.
- Review your health insurance plan. If they’re under 26, they can stay on your plan—but you may want to assess whether it still makes sense.
- Revisit your household budget and spending patterns. Even if your child is leaving the nest, they may still need (or expect) some level of support.
Financial Shifts & Opportunities
- This is a great time to review your overall financial picture and goals.
- Do you want to help with a wedding, home purchase, or grad school? How will that affect your retirement plans or cash flow?
- If you own a business, could hiring your child be a smart tax and career move?
- Is it time to rework your investment strategy or update your estate plan to reflect new roles for your kids?
Insurance, Taxes & Risk Protection
- As your child takes on more responsibility, assess risk from both sides.
- Should they have renter’s insurance or their own auto policy?
- Are there any liability concerns if they’re still tied to your assets or coverage?
- Do you have extra funds in a 529 plan that could be reallocated or rolled into a Roth IRA?
A Final Thought
- This phase is more than a checklist—it’s a shift in how you relate to your child, and how you define your role moving forward.
- Whether you’re feeling clear or unsure, you don’t have to figure it out alone. There are steps you can take to feel more grounded, prepared, and at peace with this transition.
- If you’d like a personal conversation to walk through your family’s unique situation, I’d be honored to support you.
With care,
Kerry
CFP®, AIF®, MPH
Meath Wealth Advisors
This material is distributed for informational purposes only. Investment Advisory services offered through Journey Strategic Wealth, an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). The views expressed are for informational purposes only and do not take into account any individual’s personal, financial, or tax considerations. Opinions expressed are subject to change without notice and are not intended as investment advice. Past performance is no guarantee of future results. Please see Journey Strategic Wealth’s Form ADV Part 2A and Form CRS for additional information.
