08/11/2024
Is estate planning on your college student’s back-to-school to-do list?
As families prepare to send kids back to school, you may be doing back-to-school shopping for school supplies, clothes, and backpacks. If you’re the parent of a college student or other young adult, there are a few other items that might belong on the back-to-school to-do list: financial and medical powers of attorney.
While we often associate estate planning with later stages of life when one has children or significant property, it’s important for younger adults too. While young adults may not need a comprehensive estate plan, powers of attorney are an important first step in estate planning.
When you take your 10-year-old daughter to the pediatrician, the doctor won’t question your right to make care decisions on her behalf or access her medical records. Her school will allow you to register her for classes and will send you report cards. But once she turns 18, she becomes an adult in the eyes of the law. And as an adult, she’s entitled to the same privacy you are from care providers and other 3rd parties. This is true even if she still depends on you for financial support, lives at home, and is covered on your insurance.
If your child were to become seriously injured and unable to make care decisions, just being Mom or Dad would not automatically allow you to make medical decisions, sign legal documents, or handle financial transactions. That could create the need for you to seek guardianship, a costly and involved process that makes an already-stressful time harder.
If, however, your child had executed financial and medical powers of attorney naming you as her agent, you’d be able to act right away to ensure that your child’s needs are met. Ensuring your young adult child has powers of attorney gives you and your child the peace of mind that should anything happen, you can step in to help.
If you’d like to get your child set up with power of attorney documents before sending them off to school, we offer a POA-only package for $100 including an attorney consult via phone or Zoom, preparation of the documents, and detailed signing instructions. Reach out to us today to get started if your family would like to add estate planning to your back-to-school list!