Estate Planning for College Students: What Parents Need to Know Before They Go

If your child (or grandchild) is heading to college next year, you have every reason to feel overwhelmingly proud! You may also occasionally feel a natural pang of worry. You want your child to be as protected as can be, and one step that often goes overlooked is estate planning for college students.

Estate planning experts recommend that people over 18 have a basic plan in place, including medical directives, financial power of attorney, and a will. These documents empower your child to make their wishes known and ensure someone they trust can act on their behalf if ever needed.

Estate Planning for College Students

Before your child begins this new chapter, here are a few essential considerations:

  • FERPA release – The Family Educational Rights and Privacy Act (FERPA) protects a college student’s privacy, but the downside of it is that it can prevent parents from accessing information when they need it to help their child. If your child signs a release, school officials can share records and talk with you when needed.
  • HIPAA authorization – The Health Insurance Portability and Accountability Act (HIPAA) protects patients’ privacy. However, your child can sign an authorization form so that doctors can discuss medical issues with you.
  • Durable financial power of attorney – This document allows you to manage your child’s finances, such as their checking account, savings, or bills. It’s crucial if your child is studying far from home.
  • Medical power of attorney – This document ensures you’re ready to step in and make medical decisions for your child should you need to.
  • Advance directive or living will – We hope your child never needs this tool, but it empowers them to clearly express their wishes about end-of-life care.
  • Will – While it may seem early, a will is essential for ensuring your child’s wishes are honored regarding their belongings. It helps avoid legal complications and provides peace of mind for the future.

For years, our team here at Law Stein Anderson has helped families find peace of mind. Contact us today to protect your new college student and family.