By Colin Smith / Contributor
What preparations should we make for our adult child’s needs? (e.g., emergencies at college or summer travel)
As soon as a child turns 18, they are considered a legal adult. This means that parents can no longer make health or financial decisions on their behalf. While it might feel odd to acknowledge them as adults, it’s essential for the student to have a basic estate plan in place, allowing parents to act for them if needed. Although we hope to never actually use certain documents like a simple will or guardianship for instances of incapacity, having a durable power of attorney for financial decisions, a medical power of attorney for health care, and a HIPAA release for accessing health records can be crucial during emergencies.
What steps should we take before our child heads off to college?
If the student is 18, they should sign a basic estate plan. It’s important for parents to keep copies of these documents, and for the attorney to ensure that these documents are valid in the state where the child will attend college. If the student is still 17, the parents remain the legal guardians, and the student should take care of signing an estate plan after turning 18.
Additionally, parents should maintain copies of financial aid documents, any rental agreements the student has, and contact information for the university’s clinic or health center. If the student has a roommate, get contact details for both the roommate and their parents. Having joint financial accounts with the student can also be beneficial.
Editor’s Note: Reach Colin Smith at colin@colinsmithlaw.com or call 972.773.9095. www.ColinSmithLaw.com
