The College Checklist: Laptop, Advanced Healthcare Directive and Financial Power of Attorney?

Congratulations, you did it! You have successfully guided your child through the challenging college admissions process and their final year of high school. Now, as you and other parents prepare to send your children off to college, there is an important task that often gets overlooked: getting an “advanced healthcare directive” and “financial power of attorney” for your child.

**Advanced Healthcare Directive **

What is an advanced healthcare directive? An advanced healthcare directive is a legal document that outlines a person’s wishes regarding medical treatment in the event that they are unable to make these decisions themselves. More importantly, it allows a “designated agent” to confer with the person’s medical team regarding care, test results, course of treatment, and other decisions.

Once your child turns 18, they are legally an adult, meaning that their doctors are no longer able to speak with you about your child’s medical treatment without your child’s permission. If your child experiences a medical emergency while away at school, you need the ability to speak with your child’s medical team. Depending on whether your child indicates that the instructions are “mandatory” (i.e., you and your child’s doctor must follow what is selected in the advanced healthcare directive) or “discretionary” (i.e., your child’s selection are guidance for you, but you have the final say in the medical decisions), you will be able to participate in your child’s medical care. The advanced healthcare directive gives your child’s doctor permission to speak with you about his or her treatment and assist with decisions. Without this document, you will not be able to participate in, or be informed about, your children’s treatment.

Financial Power of Attorney

What about a financial power of attorney? A financial power of attorney is a powerful tool that allows you to conduct financial affairs on your child’s behalf. If your child has student loans or other finances in their name alone, financial institutions, like the financial aid office or bursar’s office, cannot discuss these matters with you without your child being present. The financial power of attorney establishes your ) role as the agent, and your rights when acting on your child’s behalf. This document permits financial institutions and entities to speak with you without your child being present.

Managing student loans, bank accounts, and a budget is a lot for a young adult to manage. Having your guiding hand and ability to speak with financial institutions on your child’s behalf will help set them up for financial success.

As the summer winds down and the move-in date approaches, reach out to an experienced estate planning attorney at Anderson Law Firm to discuss having your child execute an advanced healthcare directive and financial power of attorney before they leave for college.

For more information about estate planning, call us at 412-209-3200 or contact us to schedule a free, no-obligation consultation.