As high school seniors look forward to graduation in the coming months, many families are already planning for this exciting milestone and the big transition to college life. While it may feel like there’s plenty of time to prepare, the reality is that graduation will be here before you know it—and summer will fly by in the blink of an eye. Between shopping for dorm essentials and navigating new schedules, one important task should be on every family’s to-do list: estate planning for college-bound children.
Why Do College Students Need Estate Plans?
Estate planning may not seem like a priority for an 18-year-old, but for parents, it’s a practical and critical step in ensuring they can continue to protect and support their child once they legally become an adult. Here’s why it’s essential to put estate planning in place before your child heads off to campus:
Access to Medical Records and Decision-Making
Once your child turns 18, privacy laws like HIPAA prevent parents from accessing their child’s medical information without explicit permission. This means that in a medical emergency, you may be unable to assist or even obtain information. A HIPAA authorization and a healthcare power of attorney solve this problem, ensuring you can make important decisions if needed.
Managing Finances
A durable power of attorney gives parents the ability to manage their child’s financial and legal affairs if they’re unable to do so. This can include tasks like handling banking issues, tuition payments, or signing legal documents.
Digital Assets
College students have countless online accounts, from academic portals to social media, banking, and streaming services. A digital asset authorization ensures that someone can manage or access these accounts if necessary.
Emergency Preparedness
The unexpected can happen at any time. With a few simple estate planning documents, parents and students gain peace of mind knowing there’s a plan in place for emergencies or unforeseen circumstances.
What Should Be Included in the Estate Plan?
A basic estate plan for a college-bound child should include the following documents:
- HIPAA Authorization: Allows parents to access medical information.
- Healthcare Power of Attorney: Grants parents the authority to make medical decisions on their child’s behalf.
- Durable Power of Attorney: Enables parents to handle financial and legal matters.
- Simple Will: While not always necessary, a will can be helpful if your child has specific assets or wishes for how their belongings should be handled.
- Digital Asset Authorization: Provides legal access to manage digital accounts.
Why Start Now?
The months leading up to graduation and college move-in day can be a whirlwind of activity. By starting the estate planning process now, you’ll avoid the last-minute rush and ensure there’s plenty of time to address any specific needs or questions. This proactive step gives you peace of mind and one less thing to worry about as the big day approaches.
Take Action Today
Preparing your college-bound child for the future means more than just equipping them with school supplies and life advice. It also means creating a safety net that allows you to protect and support them when they need it most. Estate planning is a simple but critical step that every parent should take before their child heads to college.
Ready to get started? The experienced team at Eastham Law Offices is here to help you prepare your child for their next chapter with the protection and peace of mind they deserve. Contact us today at 561-395-6800 or fill out our online contact form to schedule your appointment.