Protecting your family
As summer comes to an end and a new school year begins, we wanted to share an important planning consideration for families and friends with children heading off to college.
Once a child turns 18, parents or guardians no longer automatically have the same legal authority to assist with certain financial or medical matters. If your college student becomes ill, is involved in an accident, or simply needs your help navigating an unexpected situation, having the proper documents in place can make an important difference.
Before your student heads off to school, consider discussing three key documents with your estate planning attorney:
Financial Power of Attorney: Allows your child to designate someone they trust, such as a parent, to assist with certain financial matters on their behalf.
Medical Power of Attorney: Allows your child to designate someone to make healthcare decisions on their behalf if they are unable to do so themselves.
HIPAA Authorization: Allows designated individuals to communicate with healthcare providers and receive otherwise protected medical information.
We recommend having a conversation with your child about the purpose of these documents and why having a plan in place can be valuable. Your estate planning attorney can then help prepare the appropriate documents and tailor the authority being granted to your family's circumstances.
These documents can also be structured with specific limitations or time periods — for example, covering only the years your child is attending college.