College Students and Estate Planning - Law Office of Ishajeet Kakkar
As #college #acceptance letters begin to roll out, graduation approaches, the idea of your #child going to college, and the thought of your child no longer under your protective wing can be exciting and nerve wracking at the same time.
Your child is now a young adult (most likely the age of 18) and what you may not realize is that your #legal rights as a guardian no longer apply. In the event that your child is #incapacitated, you would not be able to make financial decisions or health care decisions on behalf of your own child.
Importance of Estate Planning for your College- Bound Child
Now that the law sees your child as an adult, it's very important to have the proper legal documents in place for their protection and your peace of mind. Otherwise you would have to scramble to the courts to obtain a court- approved #conservatorship.
Durable Power of Attorney for Financial Matters
This document allows your young adult to nominate parents, siblings, or close friends to manage their finances in the event that they are incapacitated or unable to make financial decisions on their own.
Durable Power of Attorney for Health Care Decisions
This document allows your young adult to nominate healthcare agents to exercise their health care decisions in the event that they are incapacitated or are unable to make decisions on their own.
The Health Insurance Portability and Accountability Act (HIPAA) release, allows for your young adult's private medical records to be shared with their healthcare agents in the event your young adult is incapacitated or hospitalized.