San Diego County Estate Planning Lawyer Mark Ignacio Can Help Your College Student Create a Basic Estate Plan That Brings Peace of Mind
The excitement of college life buzzes through the air as you pack your child’s bags and help them set up their new dorm room or apartment. Your student’s thoughts are likely centered on the promise of making new friends, taking challenging classes, and enjoying newfound independence, but there’s a key aspect of this transition you shouldn’t overlook—the need to create a basic estate plan.
Estate planning for college students helps ensure they’re prepared for the potential challenges of newfound adulthood. At Mark Ignacio Law, San Diego County estate planning lawyer Mark Ignacio works with young adults and their parents to create a solid legal foundation that can make all the difference in an emergency situation.
What Happens When Your Child Turns 18?
When your son or daughter turns 18, they are legally considered an adult—which means your authority as a parent becomes much more limited. Many families are caught off guard by these shifts, which can lead to frustration and complications after an accident, injury, or illness.
Key points to consider include:
- You no longer have automatic access to your child’s medical or financial records. This can be particularly problematic if your student falls ill or faces financial difficulties.
- You can’t make health care or financial decisions without proper documentation. In emergencies, this lack of authority can lead to delays in critical care or financial management.
- Colleges treat students as adults. Parents need consent to access academic records, learn about disciplinary issues, and even address mental health concerns.
4 Essential Estate Planning Documents for College Students
San Diego County estate planning lawyer Mark Ignacio and his team create customized estate plans for college students leaving home for the first time. As part of this process, he prepares four key planning documents.
1. Health Care Power of Attorney
A health care power of attorney allows a designated person to make medical decisions if the student becomes incapacitated. This is particularly important for college students who may be far from home and unable to communicate their wishes in an emergency.
Without this document, health care providers may be forced to make decisions without input from those who know the student best. If you are divorced and have a difficult co-parenting relationship with your child’s other parent, there could even be legal battles to determine who has the right to make these crucial choices.
2. HIPAA Authorization
The Health Insurance Portability and Accountability Act (HIPAA) protects patient privacy, but it can also create barriers for parents trying to help their adult children. A HIPAA authorization is essential for college students who want to ensure their parents or other trusted individuals can stay informed about their health.
In emergencies, having this authorization in place can save precious time—allowing health care providers to quickly share information with authorized individuals. For San Diego students who are attending school far from home, a HIPPA authorization can be crucial in ensuring parents can effectively advocate for their child's health—even from a distance.
3. Durable Power of Attorney for Finances
Financial independence is a significant part of the college experience, but there may be times when your student needs assistance managing their affairs. A durable power of attorney for finances allows a designated person to handle financial matters if the student becomes incapacitated or is unable to manage their own affairs. This includes managing bank accounts, bills, contracts, taxes, investments, and paperwork related to student financial aid offers.
This document can be particularly valuable for San Diego students who are juggling part-time jobs, internships, and complex financial aid packages. It allows for a trusted individual to step in to manage these affairs if the student is unable to do so.
4. Basic Will
While it's a difficult topic to consider, having a basic will is an important step for college students. It provides peace of mind and ensures that their wishes are respected in the event of an unexpected tragedy. A will helps with:
- Distributing assets. The primary purpose of a will is to determine who receives possessions and accounts, including digital assets like social media accounts and photo libraries.
- Naming an executor. Choosing someone to handle estate matters ensures that a trusted individual oversees the process.
- Expressing wishes. Outlining funeral preferences or charitable donations allows students to leave a meaningful legacy that reflects their religious faith.
- Protecting family members. Ensuring that assets are distributed according to the student's wishes helps to avoid family conflicts.