When your kids go off to college, there are many issues that must be considered, including class selection, relocation to another city or state, financial arrangements and much more. An issue that many parents do not consider is whether their college aged students have an effective estate plan. The assumption that estate planning documents are only necessary for seniors is a widespread misconception. However, college is the time that many young adults leave home for the first time, and failure to prepare effective estate planning documents can cause serious problems.
Our experienced estate planning attorneys sometimes field calls and emails from parents whose kids have run into trouble because they did not set up even a basic estate plan before heading off to college. Because we know the importance of effective estate planning documents when college students suffer incapacity or need medical treatment, our experienced New Mexico Estate Planning Lawyers have provided a list of estate planning steps that parents should take when making arrangements for their kids to go off to a university:
Power of Attorney:
College kids may be involved in car accidents or suffer a head injuries playing intermural football. If your kids are no longer minors (18+), then they have the same rights as other adults so you may not be able to exercise medical decision about your kids’ treatment. If you need to access or manage your kids’ banking or financial information to manage their affairs when they are incapacitated, the financial institution may deny you access to the accounts and create serious financial problems for incapacitated college students. These problems can be resolved by having a health care power of attorney and financial power of attorney prepared for your college bound kids.
HIPPA:
If your college student is over 18, his or her medical and insurance information will be protected by the Health Insurance Portability and Accountability Act (HIPPA). This law protects the privacy of medical and health insurance information from disclosure by medical providers. If your adult child does not have a HIPPA authorization, you may not even be able to obtain information about your kid’s diagnosis, prognosis, treatment regimens or other medical information.
If you have copies of these estate planning documents at your home, you can fax them to a hospital, financial institution or other medical provider if your child should become incapacitated while at college.
The above information is designed solely to illustrate general principles of law, and does not constitute a specific legal opinion on individual cases. We suggest that you contact experienced legal counsel for a specific opinion tailored to your individual circumstances.
The New Mexico estate planning law firm of Jay Goodman & Associates offers a free consultation in our centrally located offices in Santa Fe and Albuquerque so that we can evaluate your complex family law issue and explain your options. Call us today to schedule your free consultation at (505) 989-8117 so that you can learn about your rights.
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