Do College Kids Need Estate Planning?
When children turn 18 and become legal adults, parents often overlook the importance of establishing essential estate planning documents. This transition significantly changes the legal relationship between parent and child, requiring specific preparations to maintain access to information and decision-making authority in emergencies.
The Legal Change at Age 18
Upon reaching adulthood, your child is no longer your legal dependent. This means you lose automatic rights regarding their health and financial matters. Without proper documentation, parents cannot access medical information or make critical decisions if their adult child becomes incapacitated.
Essential Documents for College Students
Medical Authorization (HIPAA Release)
A HIPAA release form designates which individuals may receive information about your child’s medical status. Without this document, hospitals and healthcare providers cannot share patient information with parents, even in emergencies. This creates barriers to obtaining updates about hospitalization or medical conditions.
Healthcare Power of Attorney
Your child should name a healthcare proxy or agent to make medical decisions if they become unable to do so themselves. This document clarifies decision-making authority for medical matters when your child cannot communicate their preferences.
Financial Power of Attorney
Your child should designate a trusted person as their financial agent. This authorization enables that individual to manage financial affairs including student loans, banking, financial aid administration, and tax matters if the child faces mental incapacity or physical limitations while studying abroad.
Key Takeaway
Having these conversations and establishing these documents before your child leaves for college protects both the child’s interests and the parents’ ability to provide meaningful support during unexpected circumstances. Contact an experienced estate planning attorney to ensure your college-age child has the essential documents in place.
