Estate planning is for college students too
When it comes to estate planning, you usually think of older adults- but Certified Financial Planner Michelle Buria tells us that it’s something we should consider for college students too.
As a kid reaches 18, they’re an adult in the eyes of the law. So your parental authority no longer exists and in turn you can lose access to information.
There’s a few documents that you can put into place in the case of an emergency. “So this is not to medal in their lives or control their lives… this is just in the event you need to help them out,” Michelle tells us.
While Michelle is not an attorney and unable to give legal advice. She tells us that there are some documents that you can put into play.
Item No. 1: Power of Attorney Documents
The first is financial power of attorney document. The other is medical. You can be a healthcare agent in the event that you need. These can have HIPAA language written into them that authorizes their medical provider to release information about them.
However, if your student travels away from home for college. You might need to get another document for that state.
Item No. 2: Will
While college student might not have a lot of money, they do have their own stuff. “Someone needs to make the decision of what happens to that stuff,” Michelle tells parents that you’ll want to make sure that you’re the executor of the will.
Item No. 3: FERPA waiver
This the Family Educational Rights and Privacy Act. Without this, you do not have any authority to call the college and request information about your student if their over 18. With it you can request a transcript, some student loans and car insurances request this sort information.