Estate Planning for Parents of College Students
If you have a child who just graduated high school and is headed off to college, congratulations! You may be wondering what you can and should do to help them succeed in the next phase of their life.
In addition to your own estate plan, your college student (and new adult!) also needs one. While it may seem silly for someone who may rely on student loans to have an estate plan, an estate plan is so much more than distribution of your assets upon death.
Why Does My College Student Need an Estate Plan?
Your child is no longer a minor child but is now your adult son or daughter. Therefore, they need legal instructions in place appointing someone to act on their behalf in medical and financial situations if they are unable. While most adults just entering the age of majority do not often need a trust, it might be a concern, depending on assets available to them now or in the future.
The most common documents for a college student’s estate plan include a durable power of attorney, a health care surrogate, and a living will. These documents can be very important if your college student gets into an accident and is rendered incapacitated as they will allow you (or whoever your college student appoints) to make financial and health care related decisions on his or her behalf. I always caution everyone to consider who they appoint to act in those roles, to have a discussion with the appointed individuals, and to ensure that the appointed individuals will act with your best interest in mind.
A HIPAA Authorization will also allow your college student’s medical providers to speak with you regarding his or her treatment. Without that authorization, medical providers often cannot speak with you about your child’s health care.
What Should I Do to Update My Estate Plan?
If you are a parent of a college student, this is also a good time for you to review and update your own estate plan. When you last executed your estate plan, you may have been most worried about who would care for your minor child if something happened to you. Now, you may be more concerned about whether your newly adult child is actually responsible enough to receive any assets from your estate if something were to happen to you. You may also want to revise your beneficiaries to your insurance, IRAs, or pension plans.
Jacksonville Estate Planning Attorney
In short, you want to make sure you as the parent to a college student AND your college student are both protected in case the unthinkable happens. If you are in Florida and are interested in discussing estate planning for yourself as a parent of a college student or for your college student, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.