Over the next few weeks, many young Americans will leave home to start their college education. This is one of the most exciting times of their lives, and soon, they’ll be taking classes related to their passion, meeting new friends, and getting the full college experience. It’s doubtful that they’ve put any thought into Estate Planning. As their parent, you might not have thought it was necessary, either. They’re young, healthy, and have few assets to leave to others if the unthinkable happens. Most Estate Planning documents and tools are unnecessary at this stage of their lives, but there are a few you should highly encourage them to put in place. They could be their saving grace. Here are a few Estate Planning elements we recommend every college student establish. College Is a New Chapter Make Sure You’re Prepared for the Unexpected
HIPAA WAIVER For the past 18 years, you’ve brought your child to the doctor, picked up their prescriptions, and helped them manage any illnesses or injuries. However, once they turn 18 and become adults, your ability to help becomes extremely limited. You won’t even be able to talk to their doctor about a serious illness if they suddenly become sick. A HIPAA Waiver allows medical professionals to share your child’s medical information with you. This will be incredibly useful if they experience a medical emergency that requires your assistance and support. MEDICAL POWER OF ATTORNEY While a HIPAA Waiver allows you to learn about your child’s condition, a Medical Power of Attorney will enable you to act on their behalf. If they become incapacitated and can no longer make medical decisions independently, you can step in and help out. They’ll also be able to
outline their preferences and wishes, giving you a guide to follow.
FINANCIAL POWER OF ATTORNEY Once your child turns 18, they may move out of the house and live with roommates or get a place of their own. If they were to become incapacitated, you wouldn’t be able to step in and access their finances to pay bills or file taxes without a Financial Power of Attorney. This could significantly impact their credit score, living situation, and more. If you have any questions about these Estate Planning elements or want to look into establishing these documents, please contact us today!
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