Why College Students Need Powers of Attorney and Healthcare Directives

Photo by Felipe Gregateon Unsplash

College is an exciting time and, when preparing to send your kids off to college, most people are focused on dorm room decorations and FAFSA applications. Something like a “financial power of attorney” is usually far from anyone’s minds. However, as your now-college students are transitioning into independent adulthood, it’s time to start thinking about how to set them up for success no matter what life throws at them.

Accidents happen, and they can be devastating in more ways than one. An unexpected injury or serious illness can spiral into other devastating issues, and parents may not have the rights you may think you have when it comes to making decisions for your adult children. 

Here’s why you should include some key estate planning documents in your “off to college” plan:

You likely do not have the rights you think you do

Even though you may still be paying a big portion of the bills for your adult children, legally they are adults and they are the ones their school and other third parties will consider responsible for their financial and medical decisions. If they are incapacitated and you want to help them by making decisions on their behalf, without the proper legal documents, you may not be able to. 

What documents should my college student prepare?

To prepare for the unexpected and ensure that in the event your child cannot make decisions for themselves, you should have them prepare the following documents:

·     Durable Financial Power of Attorney: This names someone who can make financial decisions for your college student in the event they are unable to, such as paying bills or opening and closing accounts. 

·     Medical Power of Attorney: This is an important one in the event your college student is incapacitated by illness or injury and cannot make their own decisions on treatment. This gives the named person access to medical records and allows them to make treatment decisions on their behalf. 

·     FERPA Release: This one is optional, but may be good to have. This gives the named person access to educational records. In the event of an emergency, it will allow you to make informed decisions regarding your child’s education. 

How do I discuss these documents with my college student?

At this time of greatly anticipated independence, it may be difficult to talk to your college student about giving certain authorizations back to their parents. However, an experienced estate planning attorney can work with you to explain the process and how it benefits them to have these documents in place so they can enjoy their freedom with a necessary safety net in place.  

At The Law Office of Dawn Trainor-Fogleman, , I am available to help you plan for life’s most unexpected events. Call (301) 456-0982 or fill out this convenient form for a FREE consultation to review your estate planning needs. With over 25 years of legal experience in the District of Columbia and Maryland, I am dedicated to making estate planning easy and affordable, so that everyone can enjoy peace of mind and security for their loved ones.