Parents getting ready to send their young adults off to college have a lot of practical issues to address. There are the costs of college tuition to consider, as well as the daily needs of a student who no longer has a parent to cook or clean for them. Additionally, parents may need to talk with their new adults about the possibility of health issues or other emergencies. Infectious diseases can sometimes spread rapidly through student housing, and young adults are at risk of car crashes and other types of injuries.
A parent can’t be there to monitor a child’s behavior and ensure their safety, so they need to take action in another way. Recognizing the possibility of an emergency and having proper legal paperwork in place can make a major difference for families.
College students are technically independent adults
Most new college students do not have the resources to support themselves financially or the lived experience to always make the best choice possible. However, once they reach the age of 18, they are technically independent adults.
Should an emergency arise, the parents of a college student may not be able to access medical information or make decisions on their behalf. Despite their desire to do so, parents may not be able to oversee someone’s medical care or take care of their financial issues if they become incapacitated. Once someone turns 18, unless they get married, the only way to ensure that there is an outside party to support them is through the creation of estate planning documents.
What paperwork does a young adult need?
A new college student likely doesn’t have much property to allocate to others nor dependents who require a guardian in the event of an emergency. However, they may need support should something unexpected happen.
Therefore, the most important estate planning efforts for new college students involve the creation of living documents. Durable powers of attorney can give a parent or another trusted adult the authority to handle medical and financial matters on behalf of a college student if they become incapacitated. An advance medical directive can provide clear instructions about someone’s medical preferences. Such plans help ensure that there is a trusted party to act on behalf of a vulnerable college student when they cannot do so of their own accord.
Before a college student moves away to start the next stage of their education, their parents may need to assist them in the creation of powers of attorney and other estate planning documents. Addressing aspects of adulthood that leave people vulnerable can reduce the risk involved in sending a young adult off to college.