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Why Your College Student Needs an Estate Plan
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You’ve gotten everything ready, boxes packed, dorm essentials organized, and the car loaded for the big move to college. But before your student heads out the door, have you made sure they have the right legal documents in place?
Estate planning for college students isn’t just about thinking ahead to emergencies, it’s about setting your young adult up for independence and responsibility. Beyond a basic will, there are several essential documents that can help your student manage finances, make important decisions, and navigate life away from home with confidence.
Common Estate Planning Documents for College Students
If your young adult is headed to college, the responsibility for having their estate planning documents in place ultimately falls to them, but you can be the supportive parent who helps them find the right law firm to get it done.
Every 18-year-old should have an estate plan that includes a General Durable Power of Attorney, a Health Care Power of Attorney, an Advance Directive (“Living Will”), and a HIPAA Release.
What are these documents, and why are they important for every young adult to have?
1. General Power of Attorney
This estate planning document gives a parent the authority to sign documents on their child's behalf and gives the parent access to their student's bank account. However, there are some limitations to this type of power of attorney. If your college student is declared incapacitated, a general power of attorney loses its effectiveness.
2. Health Care Power of Attorney
This important document allows a parent to make medical decisions in the event their college student is unable to do so. This document goes hand in hand with the Advance Directive and the HIPAA Release. However, a durable power of attorney is necessary if your young adult is declared incapacitated. Otherwise, the health care power of attorney loses its effectiveness.
3. Advance Directive (Living Will)
An advance directive, also referred to as a living will, outlines the student’s wishes about end of life decisions regarding life-extending medical treatment and organ donation.
4. HIPAA Authorization
The HIPAA Authorization is a stand-alone document that gives you access to your college student’s medical information.
Even if your student is on your health insurance, you can’t view their medical records unless they’ve authorized it. Having this document in place ensures that, if needed, you can stay informed and involved in important health decisions.
Why These Estate Planning Documents Are Necessary
Turning 18 means your child is now a legal adult, responsible for making decisions about their medical and financial matters. These documents help them take control of their independence while giving you the ability to support them if needed.
Encourage your student to choose responsible, trustworthy agents, often parents, but ultimately, it’s their decision. Starting these conversations before college ensures everyone is prepared and confident as your young adult takes this next step toward independence.
Why Choose Ball Morse Lowe
At Ball Morse Lowe, we know how important it is for parents to help their college-aged children start adulthood prepared. Estate planning for young adults is often overlooked, but having the right documents in place sets your student, and your family, up for confidence and independence.
Our attorneys have guided countless Oklahoma families through this process, providing supportive guidance every step of the way. We understand these conversations can feel sensitive, so we walk you and your student through each decision with care and clarity.
Do I need a Trust or Will?
