How Important is Estate Planning for College Students?

Estate Planning for College Students

Heading off to college is a thrilling time for students and their families alike. It’s a period full of
endless possibilities, newfound freedom, and personal development. Before embarking on this
new chapter, it’s crucial to think about estate planning for both the student’s time in college and
their future as an adult. Though estate planning is often linked with end-of-life decisions, starting
early brings many advantages. Creating an estate plan for your college student is important for
numerous reasons.

Once a child turns 18, a parent’s control over medical decisions diminishes, and accessing their
medical information becomes restricted due to HIPAA provisions. To ensure you can act quickly
in a medical emergency, it’s essential to have specific legal documents in place.
These three essential documents are a must for your college-bound child:

  1. HIPAA Authorization: A HIPAA Authorization form allows doctors and medical
    professionals to share crucial health information with the designated individual, enabling
    this person to make informed decisions during critical times.
  2. Durable Power of Attorney (POA): A Durable Power of Attorney authorizes an
    individual to make financial decisions and handle non-healthcare matters on behalf of
    someone else, even after incapacitation.
  3. Healthcare Power of Attorney (POA): A Healthcare Power of Attorney appoints an
    legal individual as an agent to make healthcare-related decisions for your child, including
    choosing doctors and medical treatments.
    Additionally, considering a FERPA waiver can allow you access to your child’s educational
    information in case of emergencies.

Having a Will for your adult child is also essential, as they may start acquiring assets even during
college. Beneficiary designations and estate planning help secure your assets and provide legal
assurance when completing paperwork correctly.

In conclusion, early estate planning for young adults is crucial in preparing them for unforeseen
circumstances and empowering them to make responsible decisions as they embark on their
journey into adulthood. If you have a family member heading off to college, it is highly
recommended that you reach out to the trust and estate attorneys here at EPGD Business Law
who can help with your estate planning needs!

EPGD Business Law is located in beautiful Coral Gables. Call us at (786) 837-6787, or contact us through the website to schedule a consultation.

*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns. Contacting us through our website does not establish an attorney-client relationship.*

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Kathrine Karimi


*The following comments are not intended to be treated as legal advice. The answer to your question is limited to the basic facts presented. Additional details may heavily alter our assessment and change the answer provided. For a more thorough review of your question please contact our office for a consultation.

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