As graduation caps fly and the excitement of new beginnings fills the air, our community's young adults are preparing to embark on their college journeys. For many, this marks not only a rite of passage but also the first significant step into adulthood. While packing and planning for this new chapter, it's crucial to consider one often-overlooked aspect: estate planning.

 

Estate planning isn't just for the wealthy or the elderly. College students, as burgeoning adults, face situations where having certain legal documents can be crucial. The pandemic highlighted the importance of preparedness, with many colleges requiring students to have specific legal documents such as HIPAA Waivers and Powers of Attorney in place. These measures ensure prompt and appropriate care and that families can stay informed and involved during health emergencies. Here are key documents every college-bound student should consider:

 

Health Care Proxy (or Medical Power of Attorney): Allows a student to appoint a trusted person to make medical decisions on their behalf if they are incapacitated. This was crucial for students needing medical intervention while away from home during COVID-19.

HIPAA Authorization: Privacy laws restrict access to medical information, but a HIPAA authorization form allows designated individuals to communicate with healthcare providers. This was essential for parents managing their child's health situation remotely during the pandemic.

FERPA Waiver: College students typically need a FERPA (Family Educational Rights and Privacy Act) waiver for their parents to access their educational records. Once a student reaches the age of 18 or attends a postsecondary institution, the rights under FERPA transfer from the parents to the student. This means that parents do not have automatic access to their child's educational records, such as grades, enrollment status, or other personal information held by the college.   A FERPA waiver allows the college or university to share the specified information with the designated individuals.

Durable Power of Attorney: Authorizes a parent or another trusted person to manage financial and legal affairs if the student cannot. From bank transactions to signing important documents, this ensures continuity in crucial matters, especially when travel restrictions or health issues arise.

Simple Will: While it seems premature, a simple will can outline the distribution of personal belongings and, particularly important for college students, can address digital assets. It's a foundational piece that fosters responsibility and foresight.

As our graduates prepare for college life, integrating these estate planning steps can provide peace of mind for both students and their families. Encouraging this responsibility is not just about preparation; it's about empowering our young adults to take control of their future, no matter what it holds.