Estate Planning for College Students

Sending your child off to college is an exciting milestone. Between packing lists, tuition payments, and finalizing travel plans, it’s easy to overlook one critical step: making sure you can step in and help if they ever need you.

Once your child turns 18, they are legally an adult, which means your ability to access their medical information, manage their finances, or even speak with their doctors is no longer automatic.

Even in an emergency, privacy laws can prevent you from stepping in when your child needs you the most. This is where two estate planning tools come in: an Advance Directive for Health Care and a Financial Power of Attorney.

Georgia Financial Power of Attorney

A Georgia Financial Power of Attorney allows you to name someone (called your “agent”) to act on your behalf in financial matters.

Examples of When a College Student Might Need a Georgia Financial Power of Attorney:

• Managing Bank Accounts: If your child loses their debit card, has their account frozen, or faces a banking issue while away at school, you won’t be able to help without legal authorization. A Financial Power of Attorney allows you to contact the bank and resolve any issues.
• Tuition Payments and Financial Aid: Due to privacy laws, colleges often won’t discuss tuition bills, scholarships, or financial aid with parents. If an issue arises, a Financial Power of Attorney allows you to handle tuition payments, adjust financial aid, and resolve any financial disputes on their behalf.
• Filing Taxes: If your child works part-time or has scholarships that require tax reporting, a Financial Power of Attorney allows you to handle tax returns on their behalf.
• Handling Bills: Living off campus means there will be rent, utilities, and other expenses. If your child ever can’t handle these responsibilities (for example, if they are dealing with an emergency), you’ll be able to help.
• Coordinating Lease Agreements: If your child ever lives in off-campus housing, a financial power of attorney lets you handle the lease paperwork and work with the landlord on their behalf.
• Dealing with Insurance: Whether it’s car insurance after a fender bender, renters’ insurance for a stolen laptop, or health insurance for a medical issue, your child may need to deal with an insurance company. A Financial Power of Attorney allows you to file claims and negotiate on your child’s behalf, ensuring they get the coverage they need.
• Resolving Disputes and Legal Matters: College students sometimes run into legal issues. For example, a disagreement over a security deposit, a minor traffic violation, or a financial issue with a roommate. A financial power of attorney allows you to step in and help.

Georgia Advance Directive for Health Care

An Advance Directive for Health Care allows someone (called an “agent”) to make medical decisions on your behalf if you cannot communicate. It ensures that, in an emergency, the right person is legally authorized to communicate with healthcare providers, access medical records, and make decisions in accordance with your wishes.

Examples of When a College Student Might Need an Advance Directive for Health Care:

• An Accident or Injury: From car accidents to sports-related concussions, injuries can happen unexpectedly. If your child is unconscious or unable to make decisions, an Advance Directive for Health Care ensures you can step in and advocate for their care.
• Severe Illness: If your child comes down with something serious and is unable to communicate, an Advance Directive for Health Care allows a designated person to coordinate their care.
• Routine Medical Procedures: Even something as simple as wisdom teeth removal involves anesthesia, which carries small risks. An Advance Directive for Health Care ensures you can make decisions if complications arise.
• Mental Health Support: If your child experiences a mental health crisis and needs medical care, an Advance Directive for Health Care allows you to work with doctors to ensure they receive the treatment they need.

What if my child is going to college in another state?

Laws regarding Advance Directives for Health Care and Financial Powers of Attorney vary by state.

If your child is going to an out-of-state school, you may wish to have documents prepared for both your home state and their school’s state to ensure complete legal protection. For example, if you live in Sandy Springs but your child attends college in Miami, you may want to consider an Advance Directive for Health Care and a Financial Power of Attorney for both Georgia and Florida.

How long do they last?

The Advance Directive for Health Care and Financial Power of Attorney are entirely flexible. Your child can revoke them at any time if they no longer feel they’re needed. They can even set an expiration date, such as their expected graduation date.