It’s that time of year again. The 18-22 crowd of students are heading back to their dorms or apartments to begin their studies at colleges and universities across the states. These past two years have been complicated by COVID-19 and the changing landscape of learning.
Even in regular times, it is important to consider estate planning for these new adults. Why? Part of the estate planning process is creating documents for before death. In this case, an Advanced Directive (or medical power of attorney) and a Financial Power of Attorney are two documents that deal with decisions while a person is alive.
When your student leaves the home, especially after 18 years old, unless they have parents listed as co-owners on a financial account, parents will not have access to the student’s financial account. This can be important for transferring money, paying tuition, discussing issues with credit card companies, and other financial issues that can arise. Having a financial power of attorney would allow parents or other caregivers to continue to help their student who is older than 18 but living away from home.
The Advanced Directive is important as well. It allows a student to pick parents or caregivers to obtain medical information about them and to discuss any issues with doctors. This is especially important in case something happens while the student is away from home. And during this time of COVID, it also allows the student to discuss how they want to be taken care of in case they end up needing to be in the ICU.
Williams, McClernan, & Stack LLC recommends that all students and their parents, partners, friends, siblings talk about these important issues before they head to college or even if already in college. You can always call and set up a consultation with our attorneys regarding these very important decisions at 240-309-4179.