The Thing No One is Talking About as College Students Head Back to Campus
Know your Rights: Once your child turns 18, they are legally considered as an adult meaning parents lose the automatic right to make medical or financial decisions for them, even in an emergency.
Plan for the Unplanned: As college students head back to campus, having a Healthcare Directive and Financial Power of Attorney can become handy in the event of an emergency.
The Solution: GoodTrust recognizes the challenge of these needs and offers smart estate planning that is easy and affordable.
As summer fades and college students head into a new academic year, they and their parents are busy checking off the typical to-do lists: dorm essentials, meal plans, and textbooks. But there's one major factor that many overlook which can leave them in a challenging position -- planning for the unplanned.
While college is a time of new found independence and growth, it also comes with a set of risks that few parents and students consider. Emergencies, accidents, and unforeseen medical events can happen to anyone – no matter their age.
Why It Matters
Once your child turns 18, they are legally considered an adult. This means that, in most states, parents no longer have the automatic right to make medical or financial decisions for their child, even in an emergency. Imagine receiving a call that your child is in the hospital, only to be told that you can’t access information about their condition or make decisions about their care. It's a frightening scenario, but one that is entirely avoidable with a few simple steps.
Let’s face it, college students have a lot on their plates – classes, new responsibilities and learning to live on their own. With all that going on, it’s easy for things like managing finances to fall through the cracks. Whether it's due to travel, course overload or simply being forgetful, having the ability to step in as needed might just be the safety net they - and you - need.
The Important Documents
To avoid such situations, college students, with the help of their parents, can set up a few essential documents before heading off to school:
1. Healthcare Directive: This document allows your child to choose an individual—most likely you, the parent—to make medical decisions on their behalf if they are unable to do so themselves.
2. HIPAA Authorization: This form gives you the right to access your child's medical records and speak with healthcare providers about their treatment.
3. Durable Financial Power of Attorney: This legal document enables you to manage your child's finances, such as paying bills or handling banking issues when necessary.
“The Talk”
Discussing this topic can feel uncomfortable but having tough conversations is an important part of growing up. Making these preparations ahead of time may just be the thing your child needs as they venture into this new chapter.
“College is a major milestone, and with that comes a shift in responsibility,” says Robyn Sechler, VP Partnerships at GoodTrust “Ensuring that your child is protected, even in the most unexpected circumstances, is a key part of sending them off to school.”
How to Get Started
Thankfully, creating these documents is easier than many people think. Services like GoodTrust offer affordable, comprehensive estate planning solutions, allowing parents and students to quickly set up these essential protections online, without the need for expensive legal fees.
As your child prepares to take on the world, give yourself the peace of mind that comes from knowing they're protected, no matter what happens. By planning for the unplanned, you’re taking an important step that every parent should consider as part of the college preparation process.
As the excitement of the new school year builds, remember to make these preparations a priority. Because while textbooks and dorm decorations are important, nothing matters more than ensuring your child is safe and secure in the face of the unknown.
About GoodTrust
GoodTrust is redefining how individuals and families protect their family, assets and legacies. Supported by forward-thinking investors and in collaboration with major financial institutions and employee benefit providers, GoodTrust is on a mission to democratize estate planning, making it accessible and affordable for everyone.
GoodTrust offers a user-friendly, affordable smart estate planning solution that includes wills, trusts, healthcare directives, powers of attorney and integrates your online life into your estate plan. Our all-inclusive package allows for unlimited updates and has no hidden fees and has plans for the whole family ensuring your assets are protected, your wishes are honored, and your family is taken care of.
For more information on smart estate planning with GoodTrust, visit www.MyGoodTrust.com.
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Contact:
Robyn Sechler
VP Marketing | GoodTrust
[email protected] | 724-980-7091