Wills for College Students

Presently, more than ever, Estate Planning is an undoubtedly powerful way to plan for your future. This stands up even when we’re discussing your adult child’s future. Laying down plan in today means one less thing to be concerned about the next day – and if it’s one thing we all can agree on, it’s that being parents, we have enough to be concerned about!

Even though once they are officially an adult and you are no longer responsible for them from a legal standpoint, a lot of college students require assistance in navigating some of the legal elements of adulthood. The excellent news is you can aid your child with their Estate Plan, so they are set up for the unanticipated when it comes down to anything from individual finances to nerve-racking medical decisions.

The Importance of Estate Planning for College Students

Around the time your children reach 18, they’re ready to take on the world. And you’ve most likely already thought about a lot when it comes down to your own Estate Planning. Things like what occurs to your estate following your passing away have probably already been decided. But it’s easy to forget to switch over and start contemplating about our children as adults.

And the truth of the matter is, whereas the thought of Estate Planning is typically that it’s a near end-of-life duty, the earlier you begin, the better off you’ll be. Now is the time to begin an Estate Plan for your college bound child. Don’t forget, you can easily alter an Estate Plan at any time (and you need to, too, at each significant life event, such as beginning college, marrying someone, or divorcing, new birth or passing away). Updating things such as Beneficiary Designations and Health Care Directives as age and standing change can be easy.

In essence, it is never too early to begin an Estate Plan…they are not carved in stone, and they set you up for the unexpected.

Why Estate Planning for Your College Student is Important

Creating an Estate Plan benefits young adults in several ways. Possibly most significantly, it enables you and members of your family to make vital medical decisions and to recognize financial priorities prior to the time coming they’re needed. Officially and legally planning for your college student’s future is necessary for several reasons.

You are able to get access to medical records when needed: Take note, once your child reaches 18, the right to control things (even when you wish to act in your child’s best interest) becomes quite restricted. You are going to no longer have authority in making medical decisions, “just because I’m their parent.”

HIPAA requirements limit your access to vital medical information, in which can be disastrous if you’re ever in the horrible position of quickly needing to act on your child’s behalf in a medical situation.

A lot of parents assume that when their child is still covered by their insurance plan (as a lot of college students are), they are protected. This is simply not the case. And when a student is away at college, maybe far from home, and the unimaginable happens, the last thing you want to come across is fighting to get access when critical decisions are required to be made.

You are able to gain access to financial information when needed: Along with healthcare and medical situation, should your child become incapable of making financial decisions for themselves, devoid of the proper paperwork being in place, you are going to likely have a very hard time accessing financial institution accounts or making other financial transactions on behalf of your child. You could spend an excessive amount of time struggling to be able to manage financial affairs, in which is the last thing you are going to want to deal with.

Accessibility to financial institution and credit card accounts and other financial records can be vital if you need to get involved on your child’s behalf. You may discover you are required to make credit card payments, pay rent or bills, or make tuition payments.

Estate Planning: What Every College Student Needs in Place

There are 3 vital documents that are a definite must prior to your child setting off on that momentous rite of passage known as college.

1. HIPAA Authorization – With a signed HIPAA Authorization form it means doctors and other medical professionals are going be able to legally disclose potentially vital information with you about your child’s state of health. This can be extremely important should the time come in which critical decisions need to quickly be made.
2. Healthcare Power of Attorney – HPOA can name you as an attorney in fact with the authorization for making medical and health care- associated decisions for your child. With a HPOA in place, you are able to decide on doctors and course of treatment, among other vital things when frequently, time is crucial.
3. Durable Power of Attorney – DPOA guarantees you are going to be able to get involved and make even non-health care-associated decisions on behalf of your child. The most important aspect of this document is it grants you the important ability to make financial decisions and transactions, access accounts and sign documents for your child should you be required to. The “Durable” part is essential here, since it remains in place and means you are able to make decisions even following debilitation.

Other Considerations

Family Educational Rights and Privacy Waiver: The FERPA Act is intended for student privacy but can enable parents or guardians’ access to privatized educational information such as transcripts and grades should an emergency arise.

A Will: Devising a Will for your adult child may appear challenging, but it’s in fact necessary. Being legal adults, they are going to likely begin to acquire assets even while going to college. In addition, a lot of children are the Beneficiaries of your estate, so you can aid in securing your assets by planning your college students Will.

Legal Assurance: Estate Planning could be difficult and oftentimes confusing. There’s a lot on the line. Completing documentation improperly could have serious repercussions

Source:

1. Writer, S. (2021, May 25). Should college students have wills? Trust & Will. Retrieved February 15, 2022, from https://trustandwill.com/learn/college-student-wills

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Regardless of the choice you make, it’s important you make the best choice for you when hiring an attorney. Remember: The decisions you make now can affect your future. Ultimately, choosing the best lawyer will depend on which lawyer feels best for you and your situation.

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