estate planning law firm

Law Office of A. Lee Shaw, PLLC

Friendly Faces, Clear Solutions
Book an Initial Call
Home » Blog » Does My College Kid Need an Estate Plan?

Does My College Kid Need an Estate Plan?

October 25, 2022 •  Law Office of A. Lee Shaw, PLLC
As a kid reaches 18, they’re an adult in the eyes of the law. Therefore, your parental authority no longer exists and in turn you can lose access to information.

When it comes to estate planning, we usually think of older adults. However, it’s a topic that we should also consider for college students.

WDIO’s recent article entitled “Estate planning is for college students too” reminds us that there’s a number of documents you can put into place in the case of an emergency.

Power of Attorney. There are two types of POAs. The financial power of attorney allows a named agent to make financial decisions on behalf of the college student, in the event they are unable to do so. A medical power of attorney names a healthcare agent.

These can have HIPAA language written into them that authorizes their medical provider to release information about them. Remember, if your student travels away from home for college, you may need a POA for that state.

Will. A typical college student might not have a lot of money. However, they do have their own stuff, and someone needs to make the decision regarding what happens to that stuff. Ask the student to name the parents as the executor of his or her will.

FERPA Waiver. FERPA stands for the Family Educational Rights and Privacy Act. Without this waiver, a parent has no authority to call the college and request information about your student if they're over 18. With a waiver, you can request a transcript and student loan information.

HIPAA Waiver. A HIPAA waiver allows an adult child’s health information to be disclosed. It’s usually for medical facilities, doctors, schools, or any other person where they are in possession of the health information of a person where that individual authorizes the release of the information to a designated person.

Reference: WDIO (Sep. 28, 2022) “Estate planning is for college students too”

Suggested Key Terms: Estate Planning Lawyer, Wills, Asset Protection, Executor, Personal Representative, Power of Attorney, HIPAA Waiver, Probate Attorney, Family Educational Rights and Privacy Act (FERPA) Waiver

Speak With An Attorney

Book an Initial Call

Schedule an available time to speak with us. We look forward to meeting with you!
Book an Initial Call

Client Success Stories

Stay Informed

Join Our eNewsletter

Stay informed and updated by subscribing to our eNewsletter!
Subscribe Now!
estate planning law firm
Louisville Office

9700 Park Plaza Ave., Suite 108,
Louisville, Kentucky 40241

DIRECTIONS
Cincinnati Office (By Appointment Only)

250 East 5th Street, 15th Floor,
Cincinnati, Ohio 45202

DIRECTIONS
Integrity Marketing Solutions - Estate Planning Marketing
Powered by
chevron-down