Estate Planning for College Students

Estate Planning for College Students

Secure Their Future Now: ScholarShield

As college students embark on an exciting new chapter, it’s easy to overlook the importance of estate planning. While it may seem like a concern for older adults, having an estate plan in place is crucial for students as they step into adulthood. Once your child (or grandchild) turns 18, you will no longer be able to protect them, legally speaking unless you are given the right to do so. 

Here’s why estate planning matters for college students and how it can help secure their future.

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Why Estate Planning is Essential for College Students

Estate planning might not be the first thing that comes to mind when preparing for college, but it is a vital part of protecting a student’s future. With many students over the age of 18, they are legally considered adults, which means parents can no longer automatically make decisions on their behalf.

Consider the following situations:

– Medical Decisions: If a student becomes ill or injured, parents might not be able to access medical information or make decisions without proper legal documents in place.

– Financial Management: Managing finances can become complex, especially in emergencies. Without a plan, parents might face challenges in assisting with financial matters.

– Educational Records: Under FERPA (Family Educational Rights and Privacy Act), parents may not have access to their child’s educational records unless authorized.

These scenarios highlight the importance of having a well-structured estate plan that includes a power of attorney, a healthcare proxy, and other essential documents.

The Key Components of an Estate Plan

Creating an estate plan for a college student involves several critical components:

1. Healthcare Proxy and Living Will:  

A Healthcare Proxy allows a designated individual to make medical decisions on the student’s behalf if they are unable to do so. A Living Will outlines the student’s wishes regarding medical treatment in specific situations.

2. Power of Attorney:  

A Durable Power of Attorney authorizes someone to manage the student’s finances and legal matters. This can be crucial if the student is unable to manage these tasks due to illness or other circumstances.

3. Last Will and Testament:  

Although it’s not something many young adults think about, having a Will ensures that the student’s wishes regarding their possessions are respected in the event of their passing.

Once a child turns 18, parents or guardians have no rights anymore. They no longer have the legal right to access your child’s health, financial, and education records—even if you are helping pay for tuition. 

You cannot make healthcare decisions for them, speak to their doctors about treatment, or view their medical records without their express permission. But what if an emergency arises and they’re unable to give it? Without certain documents in place, the only way parents could access their adult children’s medical and financial information would be to go to court.

Pro Tip: It’s important to note that a Last Will and Testament only controls a person’s property. That’s why Wills aren’t enough to protect college students; they need additional estate planning documents to allow their parents access to them while they are still living.

This is why it’s important to start an estate plan for your college student before they step foot on campus. 

ScholarShield: A Tool for Parents and Students

In addition to the traditional elements of estate planning, tools like ScholarShield offer an added layer of protection and peace of mind for both parents and students. Scholar Shield is designed to help parents secure the future of their college-bound children by providing a structured plan that includes all necessary legal documents.

This tool provided by Yolofsky Law ensures that families are prepared for any situation that may arise during the student’s college years, from medical emergencies to financial decisions. By incorporating Scholar Shield into your estate planning strategy, you can be confident that your child’s future is safeguarded.

How to Get Started

Getting started with estate planning for your college student doesn’t have to be overwhelming. Here are some simple steps to take:

1. Consult with an Attorney: Work with an estate planning attorney to understand the specific needs of your family and ensure that all legal documents are properly drafted and executed.

2. Discuss with Your Child: Make sure your college student (18 years or older) understands the importance of these documents and the role they play in protecting their future.

3. Review and Update Regularly: Estate planning is not a one-time task. Regularly review and update the documents as circumstances change, such as a change in guardianship or financial situation.

By taking these steps, you can provide your college student with the legal protections they need as they navigate their academic journey.

Estate planning for college students is an essential but often overlooked aspect of preparing for the future. Don’t wait until it’s too late to protect your child’s health, finances, and educational records. Take action today to ensure their well-being throughout their college years and beyond.

To learn more about how you can secure your student’s future, schedule a consultation with us today at https://yolofskylaw.com/call/ or email us at hello@yolofskylaw.com.