03/20/2024
Estate planning for college students. Send Your Son or Daughter to College with the “Half Six Pack”
Three Forms To Sign Before They Head Off To School.
Estate planning for college students? Are you nuts?
No, I’m not nuts. I’m not suggesting that your college student needs a full blown estate plan before they head off to Far Away University. But I am in the peace of mind business, especially for parents. And I know from personal experience that something may come up during your son or daughter’s college years-- and beyond—when you may wish you had their express permission to talk to a doctor or hospital about your son or daughter’s medical condition and without the proper documentation, you may be left out in the cold.
Several years ago I got a call from my son Ben who was away at college in New York. “Dad, I’m in the emergency room at St. Luke's….” It’s a good thing he called me because his mother would have been screaming after those few words. He had a weird rash and that didn’t seem to be anything serious, but when he uttered the word “meningitis” I was tempted to scream myself. I called Marie and we made a quick, nerve racked trip to NYC. Ben was fine, really, and he was conscious and able to confirm to the hospital staff that it was ok to talk to us about his condition.
And then the bill came. It should have been covered by insurance, but when I tried to make calls to straighten it out, I ran into brick wall. I wasn’t the patient and I didn’t have the ability to get or give information. I was just the person they thought was going to pay for the short $5,000 visit.
This got me thinking. What if Ben was not able to tell the doctors to talk to us? What if, god forbid, some decision about his care had to be made? I have to imagine that as his parents, the docs would have consulted with us. But why leave that up to chance? I recommend that parents have their son or daughter sign a power of attorney for health care decisions before they head off for school.
Parents should also consider the idea of a Durable Power of Attorney for their kids as well. This form would allow you to act on your son or daughter’s behalf if they were incapacitated. I have also put together a FERPA release which would allow parents to get access to educational records. Believe it or not, just because you may be paying the bill, you don’t have the right to get copies of your student’s transcript.
If you are interested in the “Half Six Pack” let me know and we will put it together.