Before leaving for college, it's important for every student over age 18 to have certain legal and financial documents in place to ensure they are prepared for various situations.
Here are the key documents they should consider:
1. Health Care Proxy (Health Care Power of Attorney/Directive):
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- Purpose: This document allows the student to designate someone (usually a parent or trusted individual) to make medical decisions on their behalf if they become incapacitated and unable to communicate their wishes.
- Importance: It ensures that medical decisions align with their preferences and that someone trusted can act quickly in emergencies. Without a health care proxy, medical professionals may not be able to discuss medical conditions or treatments with anyone other than the patient. Having a correctly executed Health Care Proxy is critical if your child gets sick or injured while at college.
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2. HIPAA Authorization:
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- Purpose: The Health Insurance Portability and Accountability Act (HIPAA) Authorization allows the student to authorize healthcare providers to disclose their medical information to designated individuals (such as parents).
- Importance: Without this authorization, healthcare providers are restricted from sharing critical medical information with family members or others involved in the student's care. Having a correctly executed HIPAA Authorization is critical if your child gets sick or injured while at college.
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3. Durable Power of Attorney (Financial Power of Attorney):
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- Purpose: This document appoints someone to manage financial and legal matters on behalf of the student if they are unable to do so themselves (e.g., due to illness or being out of the country).
- Importance: It allows designated individuals (often parents) to handle banking transactions, sign legal documents, or manage financial accounts on behalf of the student. This can be crucial for handling unexpected financial matters while the student is away at college.
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4. Will:
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- Purpose: While not typically a high priority for young adults, a basic will can designate beneficiaries for any personal assets (e.g., bank accounts, personal belongings) and specify guardianship for minor siblings in case of unexpected death.
- Importance: It ensures that the student's wishes are known and can simplify the legal process for distributing assets if something unexpected happens.
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5. Emergency Contact Information:
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- Purpose: Compile a list of emergency contacts, including family members, trusted friends, and healthcare providers.
- Importance: In case of emergency, having readily accessible contact information can expedite communication and decision-making.
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6. Digital Assets Authorization: A digital assets authorization is essential for ensuring that your online presence and digital property are managed according to your wishes after you pass away or become incapacitated. This document authorizes a designated individual (often called a digital executor or agent) to access, control, and manage your digital assets and online accounts on your behalf.
7. FERPA Release: A FERPA release is a legal document that authorizes designated individuals to have access to necessary education records for purposes such as supporting the student's academic progress, financial aid applications, or employment opportunities. If our child is over 18, your child's college will not discuss anything about your student with you unless you have a correctly executed FERPA release.
Contact Will and Trust Planning Today
For personalized advice on estate planning, including strategies to minimize or avoid probate, contact Will and Trust Planning today. Our experienced estate planning attorneys can help you understand your options, draft essential documents, and create a plan that protects your assets and achieves your goals.