Does My College Aged Student Need an Estate Plan?
Most college students are young adults who are 18 years of age. This means they are legally responsible for their own decisions regarding their health, financial, and legal affairs. Because of HIPAA privacy rule (Health Insurance Portability and Accountability Act), parents have no legal right to their adult child’s medical records or other health related information. HIPAA even applies in those cases where the child is still on his or her parents’ medical insurance. This alone makes it near impossible for parents to assist their college-aged children if they need any medical help, especially if they attend college in another state.
What Can You Do to Help Prepare and Protect Your Children
You can help your children set up a Healthcare Power of Attorney and a Durable Financial Power of Attorney:
Healthcare Power of Attorney
A Healthcare Power of Attorney allows your child to designate another person to be their patient advocate and help them make medical decisions if they are unable to do so for themselves. This means the person they choose (usually you, the parent) will be able to work with hospitals and doctors to make sure your child is cared for.
Along with the Healthcare Power of Attorney is the HIPAA document. This legal document allows you to access your child’s medical records and other health related disclosures.
Durable Financial Power of Attorney
A Financial Power of Attorney is a legal document that allows your child to give another person (again, you) the authority to make financial and legal decisions on their behalf or sign legal documents for them, should they not be able to do so on their own.
Both of these documents are very important to have to make sure your young adult children are taking care of. It will give you and your children peace of mind knowing you can be there for them when they really need it most!
Call The Barkho Law Firm and we would be happy to meet with you and your children for a free consultation to learn more about Powers of Attorney.
Visit our website at www.BarkhoLaw.com or call us at
(248) 744- 6585 to set up a free consultation.