Preparing for Your Child’s College Journey? Don’t Forget Estate Planning
As you prepare to send your child off to college, you're likely feeling a mix of excitement, pride, and perhaps a bit of anxiety. While getting new bedding for their dorm room is important, you might be wondering if there's more you can do to ensure their safety and well-being while they are away. One often-overlooked step in this process is taking your child to an estate planning attorney to make sure they are prepared for any unexpected situations.
Though your child is now an adult, turning 18, they may still need your support if something goes wrong. However, once they reach adulthood, the right to make medical decisions belongs solely to them. In the event of an emergency, like a serious accident where your child is unable to communicate, you wouldn't have the legal authority to make healthcare decisions for them without going through the court process. This delay could prevent you from acting quickly to help your child in a critical situation, and the decision would ultimately be left up to a judge.
While it’s an uncomfortable thought, the reality is that many young adults, ages 18 to 25, end up in hospitals each year, and their parents are often shut out of the loop when it comes to crucial decision-making.
For this reason, estate planning professionals recommend that every adult, regardless of age, should have a basic estate plan. This should include a will, a financial power of attorney, and medical directives, which will allow someone they trust to make decisions on their behalf if they're unable to do so themselves. While your child can choose anyone to fill these roles, it's important they have the right tools to ensure their wishes are known and followed.
Before you drop your child off at college, here are some important steps to consider:
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FERPA Release: The Family Educational Rights and Privacy Act (FERPA) protects your child’s privacy in school records. However, it can also block parents from receiving vital information during an emergency. A FERPA release signed by your child gives you access to school records and allows officials to communicate with you about your child's status.
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HIPAA Authorization: The Health Insurance Portability and Accountability Act (HIPAA) safeguards your child's medical privacy. To ensure you can speak to doctors about their condition and treatment, have your child sign a HIPAA authorization form.
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Durable Financial Power of Attorney: This document lets you manage your child's finances, including bills and accounts, if they are unable to—whether due to illness or distance (e.g., if they study abroad or attend school far away).
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Medical Power of Attorney: Similar to the financial power of attorney, this document allows you to make medical decisions for your child if they are unable to do so themselves.
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Advance Directive or Living Will: This document helps your child express their wishes regarding end-of-life care. While we hope this situation never arises, it provides the medical decision-maker with guidance in making crucial decisions for your child.
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Will: This may seem unnecessary for a young, often cash-strapped college student, but many young adults own property or have digital assets they may want to address in the event of an emergency. For example, a typical email account is linked to numerous online accounts, each with its own passwords. Does your child have preferences for who should manage their social media, email, or online gaming accounts? Or perhaps they want all their accounts closed upon their passing?
At our firm, we’ve been helping families find peace of mind for years. Contact us today to ensure your child’s college experience is well-prepared, secure, and supported by the right legal protections.