Many parents consider putting estate plans in place as a vital element for their family's financial foundation; a means of protecting their loved ones from unnecessary stress, harm and distress in the event of a crisis. Yet many parents aren't aware that getting an estate plan in place for college-bound students or adult children is just as important. As students start to head back to school, consider a few practical tips to help your child truly be ready for their academic careers.
What Parents of College Students Need to Remember About Their Student and Estate Plans:
Graduating high-school seniors at or nearing 18 years of age need powers of attorney in case of emergency. That means that while children may still rely on parental support such as health insurance, financial aid and so forth, because they are now legal adults, a parent's good-intentions are not always good enough when there's a health concern or financial crisis. However, a power of attorney would give legal authority to parents should the need arise.
In order to have legal permission to make decisions for or on behalf of your adult child, parents need to consider three specific documents: a Living Will, Financial Power of Attorney, and a Healthcare Power of Attorney.
Putting the right documents in place so that you can have the right to make important medical or financial decisions on your college student's behalf will go a long way towards eliminating the stress that comes with sending your child off to college. And eliminating the stress of sending your child off to college means you can spend more time and energy focusing on how exciting it is that they made it and they're off to make their mark on the world.
Don't wait until it's time to drop your graduate off at college, make sure you'll be able to take care of your student when they need you. Contact our office to schedule your complimentary consultation at 260-969-1177 or email [email protected].