Wednesday, July 12, 2017
There are a number of legal and financial issues parents should address before sending their kids off to college. Because an 18-year-old college student is legally an adult, a parent's rights to make decisions for their child at this age change radically.
First, have your child name a health care proxy in case of emergency. Next, appoint a durable power of attorney. Third, consider drafting a will. Even though students typically have few assets, the probate process can be expensive. Fourth, make sure your student understands the basics of cyber security. And finally, get the soon-to-be freshman a credit card. While there is potential for abuse, responsibly establishing a credit record is an imperative during the college years.
See Bryan Kirk, Five Essentials for College Freshmen, Trust and Estate Planning, June 19, 2017.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.