When it comes to estate planning, we usually think of older adults. However, it’s a topic that we should also consider for college students.
WDIO’s recent article entitled “Estate planning is for college students too” reminds us that there are a number of documents you can put into place in the case of an emergency.
Durable Power of Attorney. The financial power of attorney allows a named agent to make financial decisions on behalf of the college student, in the event they are unable to do so.
Health Care Surrogate Designation. This document names a healthcare agent to make medical decisions for the college when they are unable to act on their own. The document should have HIPAA language written into them. A HIPAA waiver allows an adult child’s health information to be disclosed. It’s usually for medical facilities, doctors, schools, or any other person where they are in possession of the health information of a person where that individual authorizes the release of the information to a designated person. Remember, if your student travels away from home for college, you may need a POA for that state.
Will. A typical college student might not have a lot of money. However, they do have their own stuff, and someone needs to make the decision regarding what happens to that stuff. Ask the student to name the parents as the executor of his or her will.
FERPA Waiver. FERPA stands for the Family Educational Rights and Privacy Act. Without this waiver, a parent has no authority to call the college and request information about your student if their over 18. With a waiver, you can request a transcript and student loan information.
Call us to discuss creating a plan for your adult college student. It should be a priority before you send them off to college or once they attain age 18.
Reference: WDIO (Sep. 28, 2022) “Estate planning is for college students too”