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Kids Going Away to College? Why You Should Include Estate Planning in Your Preparation

Posted by Chris Peterson | Dec 17, 2024

Preparing for your child to leave for college involves more than dorm supplies. Estate planning should be part of it. Here's why.

College Students Face Legal Boundaries at 18

Once your child turns 18, they control their medical decisions. You cannot step in without legal authorization.

If your child faces a medical emergency, you might need court approval to act. This delay could risk their care.

Unfortunately, many 18- to 25-year-olds end up in hospitals each year. Their parents often struggle to access critical information.

Why an Estate Plan Matters

Experts recommend a basic estate plan for everyone over 18. These documents ensure trusted people can act when needed:

  • Will: Outlines how to handle property or digital accounts.
  • Financial Power of Attorney: Lets someone manage finances if they are incapacitated.
  • Medical Directives: Gives someone authority to make healthcare decisions.

Your child decides who fills these roles. It doesn't have to be you.

Essential Documents to Complete

Before dropping your child off at college, prioritize these items:

FERPA Release

The Family Educational Rights and Privacy Act (FERPA) protects student privacy. A signed release allows school officials to share records with you.

HIPAA Authorization

HIPAA prevents doctors from discussing a patient's condition without consent. A signed authorization ensures you can access medical information.

Durable Financial Power of Attorney

The financial power of attorney lets you manage your child's finances. Use it to pay bills or handle accounts when they cannot.

Medical Power of Attorney

If your child cannot make medical decisions, the medical power of attorney lets you step in.

Advance Directive (Living Will)

An advance directive outlines your child's wishes for end-of-life care. This guidance helps decision-makers act in their best interest.

Will

Even broke college students need a will. Most young adults own digital accounts or property.

A will can clarify who manages:

  • Social media and email accounts
  • Valuable gaming or app accounts
  • Online profiles they want closed

 

Estate Planning Protects Families

Estate planning provides peace of mind for parents and students. It ensures swift action in emergencies and respects your child's wishes.

Take Action Today

We've helped families like yours for years. Contact us our experienced Texas estate planning lawyers today at 979-703-7014 to protect your college-bound student and family.

About the Author

Chris Peterson

Chris Peterson is the owner of Peterson Law Group. He practices primarily in the areas of wills, trusts and estate planning; probate and trust administration; elder law; and business law. Chris is also the owner of WealthBuilder 1031 Exchange Company.

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