This time of year, there are many students headed off to college, some of those for the very first time. Something to keep in mind is that children become legal adults when they turn 18 years old. Without having the following documents in place, parents could find themselves blocked from assisting their children in emergency situations with no legal authority to access his or her medical records, financial assets, or their educational records.
- HIPAA Authorization Form: HIPPA is an acronym that stands for Health Insurance Portability and Accountability Act of 1996. It’s a federal law that protects private health information. By signing a HIPPA authorization form, and naming a parent as an authorized party, your child provides legal permission for you to request and receive information from health care providers about his or her medical status, progress, and treatment. That is especially important if there is an accident or illness.
- Health Care Power of Attorney & Living Will: A health care power of attorney allows your child to designate a medical agent who would have the ability to view medical records and make informed decisions on his or her behalf should your child be unconscious. Without an advanced medical directive, a patient’s diagnosis and treatment is entirely in the hands of health care providers. A living will (unlike a last will and testament) explains what care a person wants if alive, but unconscious.
- Power of Attorney: A power of attorney allows your child to designate you as an agent to manage his or her financial affairs and handle any legal matters that may arise. With this document in place, you’ll be able to assist in managing your child’s finances, including paying bills and filing taxes on their behalf, should the need arise.
In addition to the important estate planning documents noted above, you may also want to consider executing the following:
- FERPA: A Financial Educational Rights and Privacy Act waiver will allow you to access your child’s education records, such as transcripts, class schedules, etc.
- Voter Registration: Your voter registration is tied to where you live. A college student may have the option to vote in his or her hometown or where they attend college. Each state sets its own rules, but there are flexible options to make voting work for the student’s individual needs.
- Insurance Coverage for Belongings: You will want to check your homeowner’s insurance policy to determine if your child’s belongings are covered while they are away at school. If your child is living off-campus, they may need to obtain a separate renter’s insurance policy.
While some of these suggested documents are difficult to consider, it’s always better to be prepared for the unexpected and ensure your child is protected.
If you need further guidance or have any questions on this topic, we are here to help. Please do not hesitate to reach out to discuss your specific situation!
This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.
