Preparing your child for college is an exciting but often hectic time. Between the college applications, housing forms, class registrations and meal plans, there is a lot to manage. One crucial aspect that is often overlooked, but should be included on every parent’s college checklist, is estate planning.
Why it Matters
Once your child reaches the “age of majority” (which is age 18 for most states), the child is legally considered to be an adult; beyond that age, a parent/guardian is no longer entitled to see their child’s financial and medical records. As such, it is crucial to have certain estate planning documents in place, designating a parent/guardian with the authority to act on their child’s behalf, should their child no longer be able to do so (such as being incapacitated). The items below are important and should be in place prior to a child leaving for college.
