Preparing Your Kids for College: Why Estate Planning Matters for Your Newly Adult Children
As parents, sending your child off to college is a momentous occasion—filled with excitement, anticipation, and, yes, a little anxiety. You're packing their bags, making sure they have everything from toiletries to textbooks, but there’s something that many parents forget in the hustle and bustle of back-to-school preparations: estate planning.
I know this firsthand. With four children of my own, I’ve been through the emotional rollercoaster of sending them off to school, and I can tell you—it’s not easy. You want to give them the tools to succeed academically and socially, but there’s one more crucial tool they need: legal protection. Once they turn 18, your child is considered an adult by law. That means you no longer have automatic access to make important decisions on their behalf. This is why having a Power of Attorney (POA), Advanced Health Care Directive (AHCD), and a HIPAA Release in place before they leave for college is not just important—it’s essential.
Power of Attorney: Giving You the Legal Right to Help
Let’s face it, being a college student isn’t always smooth sailing. Emergencies happen—whether it’s a sudden illness, a car accident, or a financial issue. With a Power of Attorney (POA), you gain the legal right to manage your child’s affairs when they can’t, whether it's paying bills or handling important financial matters. It’s a simple document that can make a world of difference if something unexpected arises.
Advanced Health Care Directive: Making Medical Decisions
An Advanced Health Care Directive (AHCD) goes hand in hand with a POA. If your child is unable to communicate their medical wishes due to an accident or illness, this document gives you the authority to make healthcare decisions for them. Without it, you could be left in a position where you are unable to help, even in an emergency. It’s crucial for ensuring that you can step in when necessary, especially if they’re far from home and away from your immediate care.
HIPAA Release: Access to Vital Medical Information
Another often-overlooked document is the HIPAA Release. Health records are protected by the federal Health Insurance Portability and Accountability Act (HIPAA), and without a HIPAA release, even parents are not automatically entitled to access their child’s medical information. Should your child face an unexpected medical emergency, this release ensures you can communicate directly with healthcare providers, make informed decisions, and be involved in their treatment plan.
A Real-Life Story: Why These Documents Matter
Let me share a touching story that highlights the importance of these documents. A family I worked with had a daughter named Tiffany, a bright college freshman, who was excited about her new independence. Unfortunately, just a few months into the semester, Tiffany was involved in a serious car accident. She suffered a head injury and was unconscious for several days.
Her parents were devastated but found themselves unable to get information about Tiffany’s condition or make any decisions regarding her care because she hadn’t signed a Power of Attorney, Advanced Health Care Directive, or HIPAA release before leaving for college. They couldn’t even get access to her medical records to understand the extent of her injuries. The doctors were legally restricted from sharing information without Tiffany's consent, and since she was unconscious, they had no way of stepping in. It was a difficult and stressful time for the family, who felt helpless and powerless. Thankfully, Tiffany recovered, but it served as a poignant reminder that preparing for the unexpected is just as important as the excitement of starting a new chapter.
Peace of Mind for Parents and Students
Having these estate planning documents in place provides peace of mind for both parents and students. For your child, it’s about giving them the confidence that they’re protected, even if they’re miles away at school. For you, it’s knowing that you’ll be able to step in and support them when they need it the most. It’s an essential part of helping them transition into adulthood and ensuring they can focus on their education without worrying about the "what-ifs."
Conclusion: Take the First Step Toward Peace of Mind
Estate planning doesn’t have to be complicated, but it is one of the most important steps you can take to protect your family’s future. For parents sending their newly adult children off to college, these documents are a simple but powerful way to ensure that you’re prepared for anything that comes your way.
If you’re unsure where to start or how to navigate this process, I’m here to help. Schedule a Peace of Mind Session with me today to get the guidance you need to make sure your child has the protection they need before heading off to school. It’s one of the best investments you can make for their future—and yours.
