If your child is on the verge of entering college next year or is already enrolled, you have likely experienced significant changes as they transition into adulthood. Amidst all these changes, one aspect that might not have crossed your mind is the importance of your now-adult child establishing a fundamental estate plan. To help you get started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain why your college age student needs an estate plan.
When Your Child Becomes a Legal Adult
Your child has now reached the milestone of legal adulthood. The anticipation of this moment has likely occupied your thoughts since their birth. As reality sets in, you may find yourself grappling with a mix of joy for the promising future ahead and a tinge of sadness at how swiftly the years of having your child at home have passed. Regardless of your emotional readiness, your child has officially attained legal adulthood or is about to do so in the near future.
Beyond the emotional impact, have you considered the practical and legal implications of your child becoming an adult? You no longer possess the authority to provide legal consent for medical treatment on behalf of your child. Additionally, accessing your child’s medical and college records now requires explicit consent from them. While you may still be financially responsible for their education, you lack the legal entitlement to view records or enter their living quarters without their permission. In short, while you may still view your child as a child, the law views your child as a legal adult.
What happens if your adult child faces incapacitation due to a severe illness or injury? Critical medical decisions may need to be made, and access to their living space or financial accounts may become necessary. While you and your child might assume that you are the designated decision-maker, the reality may not be so straightforward without the appropriate legal documents granting you those rights. Just as you would plan for such situations with a spouse or elderly parent, it’s crucial to make similar arrangements for your adult child.
What Should Be Included in an Estate Plan for My College Student?
Now that you acknowledge the importance of initiating an estate plan for your college student, it is essential to consider the key components that should be incorporated into that plan. While collaboration with an experienced estate planning attorney is crucial to tailor the plan to your young adult child’s specific needs, some fundamental estate planning tools for a college student include:
- Last Will and Testament. Despite the limited accumulation of valuable assets at this stage, having a basic Will in place is prudent. This helps prevent the complications of an intestate estate in the event of an unforeseen tragedy.
- Healthcare Power of Attorney. This document enables your child to appoint an Agent, typically you or your child’s other parent, to make healthcare decisions on their behalf if they become incapacitated due to illness or injury and are unable to communicate those decisions.
- Financial Power of Attorney. Implementing a durable POA ensures that you can access your child’s financial accounts and represent them in legal matters (as specified in the POA) if the need arises.
- HIPAA Release. By having your child sign a HIPAA release, you gain the necessary access to their medical records now that they have reached adulthood.
These fundamental estate planning documents meet the immediate needs of your young adult child as well as establishing a solid foundation for them to further develop their estate plan in the future. Working closely with legal professionals ensures a comprehensive and customized approach to their unique circumstances.
Do Need Assistance Creating an Estate Plan for Your College Student?
For more information, please join us for an upcoming FREE seminar. If you are ready to create an estate plan for your college student, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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