START YOUR ESTATE PLAN TODAY! BOOK PEACE OF MIND PLANNING SESSION

Estate planning for college students may not be on the forefront of their minds, but it should be on your mind as young adult depart toward their independence. After all, who wants to dwell on the possibility of tragedy striking at such a young age? Yet, recent news stories remind us of the critical need for young adults to have their affairs in order. This is especially important for these younger individuals who are heading off to active, and sometime riskier life activities Often far away from family members. Venturing away from home for college, could be a much smoother transition for parents and the young adults alike with some protective tools in place.

Here’s a breakdown of the key estate planning tools every college student should consider:

General Durable Power of Attorney

This document grants a parent the authority to handle financial matters and access their child’s bank accounts. It is used to address matters on behalf of your child when he or she is unable to do so. Remember that once your children are not deemed minors, you are unable to automatically handle their affairs. That’s when the POA authority steps in.  Discuss with an Attorney the abilities of this planning device. 

Health Care Power of Attorney

Allowing a parent to make medical decisions in case their child cannot, this document is crucial for ensuring proper care. This should go along with an executed durable power of attorney. It is especially important to be updated and on-hand, when the parent does not reside in close proximity to the child. 

Advance Directive (Living Will)

This outlines the student’s preferences regarding end-of-life medical treatment, nutrition, hydration, pain relieve, and other medical related choices, and organ donation.

HIPAA Release

Enabling parents to access their child’s medical records, this document is invaluable in emergencies, especially when paired with a durable health-care power of attorney.

It’s imperative that these documents are prepared and signed before the student heads off to college, service,  or on their post high school personal or major work trip. Discussing privacy and the circumstances under which these documents would be utilized is crucial. While students are entitled to make their own decisions at 18, it’s essential to stress the importance of naming responsible agents who will act in their best interests.

If you or your college student require assistance with estate planning, we are here to help. Schedule your consultation today to safeguard your young adults future. 

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