For parents and students alike, graduating high school and going off to college is the culmination of lifelong dreams. However, many people underestimate the legal significance of the student turning 18 and going off to college. If you have a child who is about to turn or is already 18 or older, our Troy, MI estate planning lawyer is available to help to make sure everything is in order now that your child is legally an adult.
The Legal Shift At Age Eighteen
Once the student has turned 18 years old, they are now legally considered to be adults. While this is exciting and gives the student privileges such as the right to vote, there are also other legal consequences to becoming an adult that need to be addressed. One such consequence is that because this person is now an adult and no longer a child, their parents or guardians are no longer legally able to make decisions for them without the proper legal channels being followed to grant this power.
The Importance Of Planning For Emergencies
Unfortunately, the reality is that accidents happen. Students go off to college, are involved in car accidents, drink too heavily, or suffer medical emergencies, and in these situations, they need someone to be able to make medical and financial decisions for them.
Granting Decision-Making Authority
To grant decision-making power to parents or other adults who care for them, the student can execute Powers of Attorney. There are two Powers of Attorney every student should have before going off to college. The first is a Durable General Power of Attorney granting authority to someone to manage the financial affairs of the student in the event they are unable to do so themselves. This Power of Attorney appoints someone to be able to pay bills, do banking, and otherwise manage the financial well-being of the student.
The Durable Power Of Attorney For Healthcare
The second Power of Attorney every college student should have is the Durable Power of Attorney for Healthcare. This document allows the student to appoint someone to make medical decisions for them while they are unable to make decisions for themselves. This can include consenting to or withdrawing treatments, hiring and firing medical personnel, and other important medical decisions.
The HIPAA Release Form
The third and final document we are going to discuss is a HIPAA release form. A HIPAA release form allows the student to grant access to medical records to people such as their Healthcare Power of Attorney or others so that in the event something happens to them, these people can be informed of their medical condition by attending medical personnel.
Consequences Of Not Having Legal Documents
Without these documents in place, parents and other family members do not have legal authority to obtain medical records or make medical or financial decisions for the student. If a situation where the need to do so arises and the student is unable to execute these forms, the parents or family members will have to petition the Probate Court for guardianship and/or conservatorship to obtain these powers.
Why Acting Early Matters
Obtaining guardianship and conservatorship takes time, costs money, and comes with reporting requirements to the Court that Powers of Attorney do not have. By the time guardianship or conservatorship is put into place, the time to make important, life-altering decisions may have already passed, and the parents and other loved ones were not the ones who were able to make those decisions.
Preparing For Peace Of Mind
As you can see, it is important for college students to have their affairs in order before going off to school. Please contact Gudeman & Associates, P.C. today so that we can help provide peace of mind before this exciting new phase of life begins. Our firm has been helping people in Michigan with their estate planning needs since 1974 and our team has over 100 years of combined experience across various other practice areas.
