You may have been running around for weeks, getting your new college student prepared to head off to school. It's exhilarating, and your heart likely is bursting at the seams. You're probably prouder than you can say, but you're a little afraid, too. How can you make sure your child is going to be safe at school, while so far away from home? They have all the necessary school supplies and dorm room essentials, but it just doesn’t seem like quite enough, does it? What else can you do?
Actually, there is something, probably not yet on your back-to-school checklist, that can make all the difference. Bring your child to a local estate planning attorney to draft important documents like: a HIPPA authorization, a Durable Financial Power of Attorney, a Durable Healthcare Power of Attorney, and a Will.
Your child who is going off to college at age 18 or older is technically now an adult. This means that without essential documents in place, a parent would be unable to receive health-related information or participate in their child’s health care or finances if they were to be in a position that they could not declare their own wishes. If a young adult were say, unconscious from a serious car accident, a parent couldn't authorize medical care without first going to court. And it would be up to a judge to decide if her parent would be considered an appropriate guardian.
The unfortunate reality is that, while away at school, college students may face unexpected health issues or accidents and parents are often locked out of critical decisions, even when their child is still on their health insurance plan. In addition, your child could be spending a semester abroad and may need these documents in place so that you as parents can take care of their financial affairs.
Therefore, it is recommended that everyone over the age of 18 have a basic estate plan that includes a will, a power of attorney, and medical directives that would allow someone they trust to take act on their behalf, if they aren't able to.
Below are some details regarding the documents that should be prepared before sending your loved one away to college:
● A FERPA Release: The Family Educational Rights and Privacy Act is designed to protect college student's privacy, but it can leave parents locked out in an emergency. A properly worded release allows school officials to talk with you and release your child's records to you.
● A HIPAA Authorization: The Health Insurance Portability and Accountability Act was designed protect a patient's privacy. Consider having your child signing an authorization so that—just in case—any necessary doctors can talk to you about your child's condition, care, and treatment. A young adult can choose to list their parents, siblings, aunts, uncles, and other family members as being authorized to receive information regarding their health.
● A Durable Financial Power of Attorney: This is a legal document that allows you to take care of your child's checking or savings accounts, pay bills, etc., if the child's unable to—whether due to illness or even just location (for example, if the school is on the other side of the country or studying abroad).
● A Durable Power of Attorney for Healthcare: Like the financial version, this allows you to handle medical decisions for your child, if your child is unable to do so.
● A Will: While the average college student tends not to have many assets, it is still important to have a will in place. For instance, the average American has an estimated 90 online accounts that require passwords. Does your child have thoughts about who should manage and close down those social media accounts? Monitor emails? Who should get the Xbox or a bank account? Treat this as an opportunity to instill responsibility in your young adult by encouraging them to think about these things while still early in life.
Reach out to us today to protect your new college student and your family by having these essential documents in place.
McFadden Bushnell offers a wide variety of estate planning, elder law, and special needs in the greater Cleveland and Northeast Ohio area, including Shaker Heights, University Heights, Cleveland, Cleveland Heights, Beachwood, Warrensville Heights and throughout the area.
Thanks to Robert Creed for his help drafting this blog post.