Estate Planning for College-Age Children: Protecting Your Young Adult’s Future
As your child heads off to college, it’s easy to feel a mix of excitement and anxiety. Watching them take this next big step—especially in their first year—can be as emotional as that first day of kindergarten. But, as they enter this new phase of life, there are important legal matters to consider. Once your child turns 18, they are legally considered an adult, and as a result, your rights as a parent change.
Even though you may still be financially supporting them, you no longer have the automatic legal authority over their health and financial matters. That’s why it’s essential for both you and your child to take proactive steps to ensure they are protected while they are away at school.
Key Legal Documents Your College-Age Child Needs
To ensure you can continue to care for your child’s well-being and handle important matters if something happens, here are three critical actions you and your child should take:
- Durable Power of Attorney
Your child can designate you as their Durable Power of Attorney, granting you authority over their financial matters if they become incapacitated. This document ensures that you can step in and manage their financial affairs if they are unable to do so. - Health Care Proxy
A Health Care Proxy allows your child to appoint you as their designated decision-maker for medical situations. In the event that they cannot make medical decisions for themselves, this document ensures that you are empowered to make healthcare decisions on their behalf. - HIPAA Release
Signing a HIPAA release form grants you access to your child’s medical records if they are injured or incapacitated while away at school. This form is vital for helping you stay informed about their health in case of an emergency. You can get a release form from your child’s healthcare provider or download one from the official resources.
Take Action Today for Your Child’s Protection
It’s important to be proactive and make sure that all necessary legal documents are in place before your child heads off to college. Without these documents, you could face unnecessary challenges in situations where you need to step in to make decisions for your child.
To learn more about how to ensure your child’s legal protections are in place, we encourage you to schedule a Family Wealth Planning Session. Together, we’ll identify the best strategies for both your family’s immediate needs and long-term peace of mind.
