Have you considered how your child's back-to-school needs change in college? We're not talking about the challenge of assembling IKEA furniture. We are talking about your child's first estate plan. The fact is, an 18-year-old is no longer a child, and in many respects, parents lose their rights in decisions or information concerning their adult child, whether it relates to an emergency or report cards. Here's what Arsenal Attorneys recommend for you and your college student:
- Health-Care Power of Attorney: also known as an Advance Medical Directive, this legal document could allow a parent to make health care decisions for an adult age college student who cannot make his or her own decisions due to physical or mental illness. For an out-of-state college student, we recommend two Health-Care Power of Attorneys: one drafted based on the state law where the college is located, and another based on your own state's law.
- HIPAA Authorization: HIPAA regulations prohibit disclosure of medical records. Parents should obtain a blanket HIPAA authorization otherwise they could be denied access to information concerning their child's well-being.
- Financial Power of Attorney: also known as Durable Power of Attorney, this document appoints the adult child's agent to handle financial matters. This could be a crucial requirement if your 18-year-old can no longer manage his or her own financial affairs because of an emergency or accident.
- Education Record Release: Because of the Family Educational Rights and Privacy Act, or FERPA, parents do not have a right to see their adult child's report card, unless the child signs an Education Record Release giving parents access to grades, transcripts, and financial information at their academic institution. Your adult age child may sign a FERPA waiver granting parents access to this information.
These recommendations reflect our vision that every person should have an estate plan regardless of age, health, or wealth. We offer 'Special Purpose Estate Planning' because we believe every client's situation is unique. For example, we customize estate plans for a wide variety of concerns, including special needs children, pets, farms, vacation homes, digital assets, art, guns, and much more.
Contact us to schedule a consultation to discuss how we can create an estate plan specially designed for you.