Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Friday, July 18, 2014

Why an Estate Plan May Be the Best College Graduation Gift

Graduation

As your child prepares to leave for college, they may not be thinking about their estate plan.  However, this is a great time to prepare important legal documents such as health care power of attorney, a HIPAA authorization, a financial power of attorney and a will.

In the majority of states, an individual is considered an adult at age 18.  Absent legal documents, parents do not have access to their adult child’s financial information, medical records or basic information about their child’s medical conditions. 

If your child becomes incapacitated, it is likely they would want you (thier parent) to be able to communicate with medical professionals in the case of an emergency.  In terms of financial institution representatives, your child may want you to have the ability to report a lost debit or credit card.

See Child Heading Off to College? Why an Estate Plan is Important, Taft Law, July 14, 2014.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/07/why-an-estate-plan-may-be-the-best-college-graduation-gift.html

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