As we enter the new school year with so much uncertainty, it is even more critical to make sure your college-aged children are prepared for anything. The last thing your student is thinking about is an estate plan, however, these documents are necessary in an emergency.
Your college-aged child is 18 years old and no longer a minor. As a parent, you are no longer able to access their financial and healthcare information freely. Hospitals, physician’s offices and financial institutions will not provide any information with the proper documents in place. The three critical documents for your college-aged child are:
Healthcare Power of Attorney & Living Will
This document allows your student to name an Agent to access protected healthcare information and make critical healthcare decisions if they are unable to make decisions for themselves. This document avoids the need for a guardianship in an emergency.
Durable Power of Attorney
This document allows your student to name an Attorney-in-Fact or Agent to access confidential financial information to manage their finances should they become unable to do so themselves. This document also allows an Attorney-in-Fact or Agent to sign legal documents if they are unable to do so themselves, and avoids the need for a guardianship to access financial information and manage financial assets.
HIPAA Authorization
This document allows your student to authorize a Healthcare Agent to access protected healthcare information and allows physicians and medical professionals to speak freely to their Agent.
If you have any questions about planning documents for your child leaving for college, or estate planning in general, please reach out to Erika Flynn Apelis at 216-978-5353 or efa@kjk.com or contact any of our Wealth & Estate Planning attorneys.
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