Sending your child off to college is a milestone filled with excitement, pride, and perhaps a little anxiety. As your child embarks on this journey toward independence, the flurry of preparations often centers around selecting the right school, packing essentials, and coordinating finances. However, one critical aspect that is often overlooked is estate planning. Yes, even college-bound students need to consider essential legal protections. In this blog post, we’ll explore the key estate planning documents and strategies that every parent and student should have in place before the first day of classes. These steps will provide peace of mind, ensuring that your child is protected and prepared for whatever college life may bring.

The Importance of Estate Planning for College Students

Estate planning might seem like something reserved for older adults, but when a child turns 18, they are legally considered an adult. This means that, without the right documents in place, parents lose their automatic right to make decisions on behalf of their child or even access important information. For instance, if your college-aged child were to experience a medical emergency, you might not have the legal authority to access their medical records or make decisions about their care. Estate planning for college students is about more than protecting assets—it’s about ensuring that you can continue to support your child in the ways that matter most during their college years.

Essential Documents Every College Student Should Have

To safeguard your college-bound child, several key legal documents should be established. First, a Durable Power of Attorney is crucial. This document allows your child to designate someone—typically a parent—to manage their financial affairs if they become incapacitated or unable to do so themselves. This might include managing bank accounts, paying bills, or handling tax matters.

Equally important is a Healthcare Power of Attorney and a HIPAA Release Form. The Healthcare Power of Attorney designates someone to make medical decisions on behalf of your child if they are unable to do so. The HIPAA Release Form ensures that you can access their medical information, which is critical in emergencies. Without these documents, parents might be left in the dark during a medical crisis, unable to make informed decisions or even receive updates on their child’s condition.

Another document to consider is a FERPA Release Form. The Family Educational Rights and Privacy Act (FERPA) protects students’ education records, and once a child is in college, parents can no longer automatically access their grades or other educational information. A FERPA Release Form allows parents to access these records, which can be particularly important if you’re helping your child manage their academic progress or need to address issues with the school.

Finally, while not strictly a part of estate planning, a Will is worth considering, even for young adults. If your child owns any assets, however minimal, a will ensures that their belongings are distributed according to their wishes. It can also designate a guardian for any minor siblings, should the need arise.

Preparing for the Unexpected

College is a time of exploration and growth, but it also comes with risks. Accidents, illnesses, or unexpected events can occur, and being unprepared can exacerbate an already stressful situation. By having the necessary legal documents in place, you’re not only protecting your child’s interests but also ensuring that you can step in quickly and effectively if the need arises. Preparing for the unexpected isn’t about being pessimistic—it’s about being pragmatic. These steps are a crucial part of transitioning your child into adulthood while still providing a safety net as they navigate this new chapter.

Peace of Mind for You and Your College-Bound Child

As your child embarks on their college journey, your role as a parent evolves. While you may no longer be involved in their day-to-day decisions, having the right estate planning documents in place ensures that you can still provide the support they need when it matters most. These simple yet essential steps will give you both peace of mind, allowing your child to focus on their education and you to rest easy knowing they are protected.

Don’t leave your child’s well-being to chance. Contact our experienced estate planning team at wfplaw.com/contact-us/ to ensure your college-bound student has the legal protections they need. We’re here to help you navigate these important decisions with care and expertise, giving you and your family the peace of mind to focus on the exciting journey ahead.