ESTATE PLANNING FOR YOUR COLLEGE-BOUND STUDENT?
AS A MATTER OF FACT, YES!
Your college-bound 18-year old (or current college co-ed) is adult in the eyes of the law. This means that you no longer have the legal right to participate in his or her medical and financial decisions even if he or she is still on your insurance plan. Without basic documents, you may not have access to your student’s medical or financial information in the event of an emergency, such as an accident or illness. If your student wants to ensure that you (or someone else in particular) has this authority, he or she must delegate that authority through properly-executed documents.
If your student has chosen to study abroad, these documents can become crucial. They will make it easier for you to handle financial issues that may come up such as transactions with banks, credit cards, or housing funds. It will also give you the ability to take care of things at home for your student, such as renewing a car registration or even issues that may arise regarding driver licenses and passports.
So, what documents might your college student need?
A Medical Power of Attorney gives the assigned agent the ability to make medical decisions for the student if the student becomes unable to do so.
A HIPAA Release grants permission to healthcare providers to release the student’s medical information to the assigned agent.
A Financial Power of Attorney grants the assigned agent the ability to take care of a student’s financial matters if the student becomes unable to do so. This can also come in handy when you are applying for financial aid.
A Directive to Physicians communicates the student’s future wishes about medical treatment if the student is in an irreversible or terminal condition and can no longer communicate.
Our law firm does not typically recommend a Last Will & Testament for a young college student. While an 18-year-old can legally execute a will, we do not usually find this to be necessary unless the student has a child or children of their own and/or about $25,000 in assets in his or her own name.
Among the many things to consider for your college-bound student, estate planning may be one of the most important. Doing so could prove critical should your child experience an accident or illness while away at school.
The Rolon Law Firm is ready to assist you with these important documents and we will do so quickly and efficiently. Please contact us at 281-901-1406 to learn more or use this link to schedule your appointment: link:linkhttps://therolonlawfirm.as.me/schedule.php.
We look forward to assisting you!