If your college-aged child is home for the holidays, now may be an ideal time for both of you to consult with an estate planning attorney and create an estate plan tailored to their needs. While college students may not possess substantial assets, it’s essential to establish these four crucial documents in case of any unexpected incident while your child is away at school:

1. Will. Although your child is still in their upper teens or early twenties, they aren’t too young to have a will drawn up. The will specifies the disposition of their assets and can tie up other loose ends of the estate.
2. Health care power of attorney. With a health care power of attorney, your child appoints someone to act as their proxy or surrogate for health care decisions. Typically, you or your spouse are designated as the attorney-in-fact for this purpose.
3. HIPAA authorization. To accompany the health care power of attorney, Health Insurance Portability and Accountability Act (HIPAA) authorization gives health care providers the ability to share information about your child’s medical condition with you and your spouse. Absent a HIPAA authorization, making health care decisions for your child can be significantly more difficult.
4. Financial power of attorney. This legal document enables you and your spouse to conduct financial activities on your child’s behalf. A ‘durable’ power of attorney, which is the most common form, continues in the event that your child becomes incapacitated.

 
If you and your child are ready to create a basic estate plan, please don’t hesitate to contact us. We’d be happy to help provide estate planning guidance and information.