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:
- 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. - 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. - 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!
