Essential Estate Planning Documents for College Students
Estate planning is often associated with older adults, but there are certain estate planning documents every college student needs. College students can benefit from certain estate planning documents to ensure their wishes are respected and their loved ones are protected in case of unexpected events.
Without these important documents in place, you may not be able to step in when your child needs you most. That’s why you should encourage your college student to get some essential estate planning documents in place now that they’re settled into college.
Here are the essential estate planning documents that every college student should consider:
Advance Directive for Health Care (Living Will)
While college students are generally in pretty good health, you never know when an accident will happen, or an illness will strike. An Advance Directive for Health Care, also known as a Living Will, is a legal document that memorializes a person’s health care preferences. This can include their wishes concerning treatment, care options, and medical testing. An Advanced Directive is only used if the person is unable to communicate their medical wishes due to illness or capacity.
As part of the Advance Directive, a person can designate a Medical Power of Attorney to help make health care decisions. A Medical Power of Attorney can speak to health care providers, make decisions about medical testing and treatment, and ask to look at an individual’s medical records. If a college student is 18 years or older, their parents may be unable to make medical decisions in an emergency unless they have a court order. So, if the college student wants their parents to make medical decisions on their behalf, it’s a good idea to draft an Advance Directive and name a parent as their Medical Power of Attorney.
Durable Power of Attorney
A Durable Power of Attorney is a legal document that enables a designated person to act on another’s behalf in financial and legal matters. This can include managing bank accounts, credit cards, digital assets, property leases, and other matters. The person creating the Durable Power of Attorney can stipulate when the form goes into effect, such as a specific date or in specific situations. If a college student is incapacitated due to an illness or injury, their Durable Power of Attorney can help pay their bills, transfer money, or sign legal documents. If they do not have a Durable Power of Attorney in place, the court may appoint a conservator to manage their finances and legal issues, and that conservator may not be the student’s parents.
HIPPA Authorization
HIPAA (the Health Insurance Portability and Accountability Act of 1996) restricts the sharing of medical information. By signing a HIPAA authorization, your college student can grant specific individuals access to their medical records, ensuring they can communicate with health care providers and make informed decisions on their behalf.
Your college student may also benefit from having a digital estate plan, beneficiary designations, and an emergency information sheet.
- Digital Estate Plan: In the digital age, it’s important to consider one’s online presence. Have your college student create a digital estate plan that includes a list of their online accounts, usernames, and passwords. Have them specify how they want these accounts to be managed (or closed).
- Beneficiary Designations: It’s crucial your college student review and update beneficiary designations on financial accounts, retirement plans, and life insurance policies. These designations typically override instructions in one’s will, so ensuring they reflect their current wishes is essential.
- Emergency Information Sheet: A document containing essential information such as your college student’s contact details, medical history, and insurance information can be very beneficial in the event of an emergency. This information should be shared with trusted family members and friends who can access it should such a need arise.
While college students may not have extensive estates, having these basic estate planning documents in place can bring peace of mind and make it easier for loved ones to handle their affairs in case of a medical emergency or unexpected event. Consulting with an attorney who specializes in estate planning can help ensure your college student’s documents are legally sound and tailored to their specific needs.
Have Questions? Contact Our Estate Planning Lawyer
College can be an exciting time. You want to make sure that your college student is prepared with everything they need and that you can continue to support them. Having these estate planning documents in place will ensure that parents can step in if there’s an emergency.
If you have additional questions about estate planning documents for college students, please reach out to our team at Tetreault Law at (912) 355-9109 or via our online contact form.