Kids Going Away to College?

Why You Should Include Estate Planning in the Preparation

You’ve probably been running around for weeks–making sure your senior studies for exams, picking out the perfect dress for the graduation party, and preparing to send your graduate off to college. It’s exhilarating, and your heart likely is bursting at the seams. You’re probably prouder than ever, but you’re a little afraid, too. How can you make sure your child is going to be safe at school when they are far away from home? A new Bed Bath and Beyond matching sheet set for the dorm sounds great, but it just doesn’t seem like quite enough, does it? So what else can you do?

Actually, there is something, probably not yet on your to-do list, that absolutely can make all the difference. Bring your child to an estate planning attorney.

It may be hard to believe, but your 18 year old is now legally an adult. Even though he or she may be ready to spread their wings at 18, a college student may still want his or her mom and dad by their side if they get sick. However, legally, decisions for medical care may only be made by your child. For example, if your son was unconscious from a serious car accident, you couldn’t authorize medical care without first having to go to court to get the legal right to make health care decisions for your son. That’s a scary thought, but that situation can be avoided with proper planning.

We don’t want to worry you, but the unfortunate reality is that, every year, some quarter of a million people between 18 and 25 wind up in the nation’s hospitals, according to Forbes, and, without proper estate planning documents, their parents are often left out of the decision making process.

Therefore, we recommend that everyone over the age of 18 have a basic estate plan that includes a will or trust, a power of attorney, and medical directives that would allow someone they trust to take action on their behalf, if they are unable to do so.

Here are a few documents that I recommend young adults sign before they leave for college:

Will: At first glance, this may seem a little silly for the average broke college kid. But there could be a lot of hidden complexities: The average American has some 90 online accounts, for instance. Does your child have thoughts about who should manage and close down those social media accounts? Monitor emails? Who should get the Xbox or a bank account? It’s also a great time in your young adult’s life to instill responsibility by encouraging them to think about this early in life.

General Durable Power of Attorney: This is a legal document that allows you to take care of your child’s checking or savings accounts, pay bills, etc., if the child’s unable to do so themselves—whether due to illness or even just location (for example, if the school is on the other side of the country).

Health Care Power of Attorney: Like the financial version, this document allows you to make medical decisions for your child, if your child is unable to do so. In addition, the Health Insurance Portability and Accountability Act was designed to protect patient’s privacy. A HIPAA Authorization must be in place in order to communicate with doctors about your child’s condition, care, and treatment, if necessary. A HIPAA Authorization is included in the Health Care Power of Attorney.

FERPA Release: The Family Educational Rights and Privacy Act is designed to protect college student’s privacy. A properly worded release allows school officials to talk with you and release your child’s records to you.

We would love to help you and your new college student. Please contact me at 423.667.2906 to schedule an appointment. We look forward to working with you!

For more information on this topic please watch our free educational videos on this subject at: https://www.facebook.com/WalliserLaw/videos/1995435970716912/ and https://www.facebook.com/WalliserLaw/videos/1983074445286398/