It is that time of year. Your baby is finally going off to college. Graduation parties have been ongoing all summer, roommates have been matched and you are off to purchase everything your child needs for their dorm room. But, have you thought about asking your child to create an estate plan?
Really, an estate plan?
Yep! You baby isn’t a baby anymore in the eyes of the law. At 18 years old, many legal walls are put in place between child and parent. This can make it impossible for you to help your child in an emergency. Many parents ensure that they have a joint bank account, an emergency credit card and feel they have the bases covered. It’s not enough. If your child experiences a financial or medical emergency you will not be able to help them without two vital documents:
1) Health care power of attorney/living will. This document will allow doctors and health care providers to speak with you regarding your child’s condition and make medical decisions for them if they are unable to do so.
2) Statutory power of attorney. This document will allow the designated person to access an individual’s accounts with financial institutions, college financial offices, digital assets and electronic communications.
Call Tipler Law LLC today to learn more about estate planning for the college-bound in your family.
Read more about estate planning for college students.