As you create a checklist of things your college-aged student will need for the upcoming school year, an estate plan is a critical and often overlooked item. Even though your child is likely to have few assets in their name, a basic estate plan is necessary should the unthinkable happen.
Here are four estate planning documents your child should have before heading off to college:
1. Health Care Power of Attorney
Also known as a health care proxy or durable medical power of attorney, this document appoints another person — usually a parent — to make health care decisions on your child’s behalf if they can’t do so. Typically, the document also provides guidance on your child’s preferences for using or withholding life-sustaining medical procedures. Children age 18 or older are usually treated as adults, so without a health care power of attorney, you’ll have no say in your child’s medical treatment should they become incapacitated.
2. HIPAA Release
An important complement to a health care power of attorney, this document ensures that health care providers are authorized to share confidential information about your child’s medical condition with you.
3. Financial Power of Attorney
This document appoints another person — usually a parent — to make financial decisions, pay bills, and conduct other financial transactions on your child’s behalf. The document specifies the conditions under which the representative is authorized to act. For example, if your child is out of the country, or, in the case of a “durable financial power of attorney,” if your child becomes incapacitated.
4. Will
Even if your child has only a small amount of money or other assets (including personal possessions with only sentimental value), it’s a good idea to prepare a basic will to ensure they have a say over their disposition.
Contact your estate planning attorney for help in drafting these important documents.
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