As parents, we all want the best for our children, and sending them off to college is a major milestone in their lives. While we tend to focus on their academic success and social life, it's essential to also consider the legal and financial implications that come into play when they turn 18. As your children become legal adults, you lose certain parental rights, and it's important to have the necessary financial planning and estate planning tools in place to ensure their well-being. One way to protect your family and your child is to have a health care proxy and power of attorney in place.