Essential Estate Planning Documents for College Students
As students prepare to embark on their college journey, they often focus on packing essentials, choosing classes, and getting to know their roommates. However, one crucial aspect that is often overlooked is estate planning. While it may seem premature for a young adult to think about estate planning, having certain documents in place is essential to protect their interests and ensure that their parents or guardians can assist them in an emergency. Here are the key estate planning documents every student should have before heading off to college.
- Durable Power of Attorney
A Durable Power of Attorney (DPOA) is a legal document that allows a designated individual (often a parent or guardian) to make financial decisions on the student’s behalf. This document is crucial in cases where the student becomes incapacitated or is unable to manage their finances due to an emergency. The DPOA ensures that bills can be paid, bank accounts managed, and financial matters handled without the need for lengthy court proceedings.
- Health Care Proxy and Medical Power of Attorney
A Health Care Proxy, also known as a Medical Power of Attorney, is a document that allows the student to designate someone (usually a parent or guardian) to make medical decisions on their behalf if they are unable to do so. This is especially important for students who are over 18, as parents no longer have the legal right to make health care decisions for their adult children without this document. In the event of an accident or serious illness, having a Health Care Proxy in place ensures that the student’s medical preferences are respected and that their chosen representative can act swiftly.
- HIPAA Authorization Form
The Health Insurance Portability and Accountability Act (HIPAA) protects the privacy of an individual’s medical information. Once a student turns 18, their medical records are legally protected, and health care providers cannot share this information without explicit permission. A HIPAA Authorization Form allows the student to grant access to their medical records to designated individuals, such as parents or guardians. This document is vital for ensuring that those trusted by the student can communicate with doctors and make informed decisions about their care.
- Living Will/Advance Directive for Health Care
A Living Will or Advance Directive for Health Care is a document that outlines a person’s wishes regarding end-of-life medical care. Although it may be difficult to think about, having a Living Will ensures that a student’s preferences for life-sustaining treatments, such as resuscitation or mechanical ventilation, are known and respected in situations where they cannot communicate their wishes. This document provides peace of mind for both the student and their family by clarifying what medical interventions the student would or would not want.
- Last Will and Testament
While a Last Will and Testament may seem more relevant for older adults, it can still be a valuable document for college students. This document allows the student to specify how their assets, such as bank accounts, personal belongings, and digital assets, should be distributed in the event of their death. It also allows the student to designate an executor who will be responsible for carrying out their wishes. Even if the student has limited assets, having a Will in place can prevent confusion and disputes among family members.
Estate planning is not just for older adults; it’s a critical consideration for college students as well. By having these essential documents in place, students can ensure that their financial, medical, and personal affairs are managed according to their wishes, even in unforeseen circumstances. As students prepare for the excitement of college life, consulting an estate planning attorney and taking the time to complete these documents will provide peace of mind for both them and their families.