As we approach the start of a new academic year, many parents of recent high school graduates find themselves overwhelmed with the preparations for sending their child off to college. Often, these preparations are focused on gathering dorm room essentials and emotionally coping with the temporary loss of a household member. However, another crucial aspect of these preparations that often goes overlooked is estate planning.
Estate planning, though frequently associated with arrangements for asset distribution after death, can also be crucial when it comes to dealing with life’s unpredictability. Essential legal documents designed to grant authority during certain circumstances often play a key role in safeguarding one’s interests and welfare.
It’s recommended by attorneys from Burns & Levinson LLP that parents consider getting these fundamental legal documents prepared for their college-bound children. Given that most college students are legally adults, having these documents will provide parents the legal right to intervene in case there arises need for medical or financial decisions on their child’s behalf. Below are three essential legal documents that every college student should have:
- A Healthcare Proxy (also known as a medical power of attorney) that gives a trusted individual the legal authority to make healthcare decisions if the student becomes unable to do so.
- A HIPAA (Health Insurance Portability & Accountability Act) release form that allows healthcare providers to disclose medical information to those named on the document. This can be crucial in an emergency.
- A Durable Power of Attorney which allows a trusted individual to manage the student’s financial affairs, should they become unable to do so.
Even though such preparations might seem preemptive, they are integral components of responsible parenting. As is often said – hope for the best and prepare for the worst. The full article with more detailed insights is available at JD Supra.