While it may seem like estate planning is something that only older individuals need, college students age 18 and over can benefit from having the following 4 must-have Estate Planning Documents.
1. Statutory Durable Power of Attorney – Allows you to name who is in charge of your finances upon your disability or capacity.
2. Medical Power of Attorney – Allows you to name who is in charge of your medical decisions upon your disability or capacity.
3. Directive to Physicians – Allows you to make decisions regarding end-of-life care, such as life-support.
4. HIPAA Authorization – Allows you to name who has access to your medical records.
When a child turns the age of 18, they legally become an adult. Being an adult in the law’s eyes means that without the proper Estate Planning Documents, parents cannot step in and help their children in certain situations, including assisting them with medical and financial decisions in the event of their incapacity or disability.
Consider the following scenario:
You take the drive to drop your 18-year-old “child” off at college at the Texas State University. A week later, you get a call that they have been in a serious car accident and are being taken to the hospital. You jump in your car and rush to the hospital. You find out that your child has been put into a medically induced coma, and the doctors are trying to decide which medical treatment would be the next course of action. They tell you that, unfortunately, you have no say in the treatment decisions since your child is over the age of 18 and considered an adult.
However, if your child had a Medical Power of Attorney in place, you would be able to step in and make those important medical decisions on their behalf. The same goes for financial decisions. For example, if you knew their rent needed to be paid, you could not access their bank account without a Statutory Durable Power of Attorney.
This heartbreaking story goes to show just how important it is to have an Estate Plan for your college-age child. Having these must-have Estate Planning documents in place will allow you to act as a parent in a time of need and avoid possible time-consuming and costly legal alternatives.
Set them up for success and give them the gift of protection with a College Student Estate Planning Package.
Are you interested in a College Student Estate Planning Package for your child?
Call our office today at 214-974-8940 to schedule a consultation with one of our experienced Dallas Estate Planning Attorneys today.