Sending Kids Off to College? Don’t Forget Estate Planning!
Sending your child off to college is an exciting milestone, but it also comes with new responsibilities. While you’ve likely prepared their dorm room and stocked up on supplies, there’s another critical step that many parents overlook: estate planning for college students. Preparing your child legally with tools like a FERPA release, powers of attorney, and medical directives ensures you can step in to help if they face unexpected situations.
Why Does Estate Planning Matter for College Students?
Turning 18 is a major milestone. Legally, it means your child is now an adult, and their medical, legal, and financial decisions are entirely their own. While they may still want your guidance in challenging situations, you won’t automatically have the authority to step in without the right legal documents.
Imagine this: your child is injured or hospitalized, and you’re unable to access their medical information or make decisions on their behalf. Without proper estate planning, you could face delays or even court intervention to gain this authority.
Estate planning for young adults provides the tools necessary to protect your child and your family during emergencies.
Essential Estate Planning Documents for College Students
Here’s a checklist of the most important documents to have in place before your child heads to college:
- FERPA Release
The Family Educational Rights and Privacy Act (FERPA) protects college students’ privacy, but it can prevent parents from accessing academic records during emergencies. A FERPA release allows school officials to share your child’s records and discuss their academic standing with you when needed.
- HIPAA Authorization
The Health Insurance Portability and Accountability Act (HIPAA) restricts access to medical information without explicit authorization. A HIPAA release lets healthcare providers discuss your child’s medical condition and treatment plan with you, ensuring you can advocate for their care.
- Durable Financial Power of Attorney
This document authorizes you to manage your child’s financial affairs if they’re unable to do so. Whether it’s accessing bank accounts, paying bills, or handling unexpected expenses, a financial power of attorney ensures their finances stay on track.
- Medical Power of Attorney
A medical power of attorney allows your child to name someone—whether it’s you or another trusted individual—to make medical decisions on their behalf if they cannot. This is especially important in emergencies where immediate decisions are required.
- Advance Directive or Living Will
This document outlines your child’s preferences for end-of-life care. While no parent wants to think about such situations, having a living will provides clear guidance to decision-makers during difficult moments.
- Will
While most college students don’t have substantial assets, they likely have digital accounts, personal property, or sentimental items they’d want to manage. A will ensures their wishes are respected, whether that’s designating someone to manage their social media accounts or specifying who should receive their belongings.
Why This Matters
Estate planning for college students isn’t just about protecting their interests—it’s about ensuring you can support them when they need it most. Emergencies are unpredictable, but having the right legal tools in place gives you peace of mind and provides your child with a safety net as they embark on this new chapter.
Let Us Help Protect Your Family
At Williams Starbuck, we understand how important it is to safeguard your child’s future. Our experienced team will work with your family to create an estate plan tailored to your college student’s needs.
Contact us today to schedule a consultation and ensure your child is fully prepared for life away from home.