HIPAA Waiver

What Estate Planning Documents Should I Have for My Child Who’s at College?

Kiplinger’s recent article, “Documents that Parents and College Students Need,” explains that many parental rights are no longer applicable, when a child legally reaches adulthood (age 18 in most states).  That makes having the right estate planning documents for a child who’s at college vitally important.

College students are adults, which means mom and dad are no longer in control of decision making.

However, with a few of the right estate planning documents in place, you can still be involved in your child’s medical and financial affairs. Many parents don’t know that they need these documents. They think they can access a child’s medical and other information, because their son or daughter is still on the family’s insurance plan and the parents are paying the medical and tuition bills.

Here are four documents you and your son or daughter will need.

HIPAA Authorization Form. This is a federal law that protects the privacy of medical records. You child must sign a HIPPA authorization form to let you to receive information from health care providers, such as the college’s health clinic, about their health and treatment. If your son or daughter doesn’t want to share her entire medical record, he or she can set restrictions on what information you can receive.

Medical Power of Attorney. This lets your son or daughter name a person to make medical decisions, if they are incapacitated and unable to make medical decisions. Your child should select both a primary agent and a secondary agent, in the event the first one is unavailable.

Durable Power of Attorney. This lets your son or daughter authorize a person to handle financial or legal matters on his or her behalf. A durable power of attorney is usually written, so it takes effect when a person becomes incapacitated. However, if your child would like you to manage his or her financial accounts or file tax returns while away at school, they can make the document effective immediately.

Family Education Rights and Privacy Act Waiver. Once your child is an adult, you’re no longer entitled to see their grades without express permission. It seems a bit crazy that you can be paying for tuition, but you don’t have access to their academic records. This waiver signed by your child will allow you permission to receive his or her academic record. Many colleges provide this form, or you can find it online.

Once you get these documents, make sure you have ready access to them, if required.

Reference: Kiplinger (September 24, 2019) “Documents that Parents and College Students Need”

Why Do I Need A Will?

You might ask yourself, “Why do I need a will?” After all, writing a will isn’t exactly one of life’s most pleasant tasks. Maybe that is why only 36% of American adults with children under 18 have estate plans in place.

Why do I Need a Will?
Asking yourself “Why do I need a will” is the first step to protecting your assets and your family.

The Boston Globe’s recent article, “The end may not be near, but you still need a will,” says that estate planning is essential, because dying without a will means that certain property is subject to intestate succession laws. That’s where the state distributes your assets to your heirs according to state laws, instead of your wishes.

Assets for which you’ve assigned a beneficiary, like your 401(k) or life insurance, won’t meet the same end, because these are outside of probate. However, non-beneficiary accounts, like checking accounts or property, could. Even if you’re not wealthy, it’s important to plan ahead. Consider these thoughts:

  • A will. If you have assets that you want to leave to another person, you need a will. It’s your instructions on what should happen upon your death. You’ll also name an executor or a personal representative who’s responsible for tending to your assets, when you pass away. And a will is the only way you can name a guardian to raise your children is you’re unable to.
  • Beneficiary designations. Some assets don’t pass through a will, like life insurance and retirement plans. For these, you must name a beneficiary.
  • Health care proxies and powers of attorney. An estate planning attorney will help you with healthcare directives, HIPAA forms and durable power of attorney. The power of attorney lets someone else handle your legal and financial matters. The healthcare directive lets a trusted person make decisions about your medical care, when you’re unable to speak for yourself.
  • Guardian for minor children. Select a person who shares your values and parenting style, regardless of their financial background.
  • A living will. A living will is a type of advanced healthcare directive. It states your wishes concerning not wanting life-prolonging medical intervention and allowing you to pass away naturally.

Finally, discuss your plans with your family and make certain that your will and other documents are safely stored and easily accessible. You should also be sure that you’ve given your power of attorney and health care agent copies. Your physicians should also have a copy of your health care proxy and living will, and your attorney should keep a copy on file.

Read more about getting your will and other estate planning documents taken care of and becoming a client of Mastry Law here.

Reference: Boston Globe (February 25, 2019) “The end may not be near, but you still need a will”

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