Estate Planning for Your Child Heading to College

It’s that bittersweet time when your child is heading to college. You remember them as small children, but they are now young adults. You will always be their parent, but you are no longer their legal guardian. Estate planning for your child is just as important as having them learn about math, science and the arts.

The hard part of parenting is knowing that your child is now an adult. You cannot protect them against all the bad that might happen, but you can make sure they are prepared for some situations.

Estate Planning for a New Adult

It’s not too early for your child to have an estate plan. They still turn to you for advice, and you should instill in them the importance of planning for the future—the good and the bad things that might happen. An estate plan includes more than a will. It may also have a power of attorney, a health care directive and more.

Here are 5 important #DYKs about estate planning and college students. Did You Know…

1. You must accept that your child is now an adult, and you cannot make medical or legal decisions for them.
2. If they have a savings account or trust, now is the time to ensure the beneficiaries are up to date.
3. They should establish a Durable Power of Attorney. This names someone, such as you, the parent, who can make medical and legal decisions if they become incapacitated.
4. Establish HIPPA Authorization. This will allow you to review your child’s medical records.
5. Utilize a 529 plan to pay for your child’s education. This tax-advantaged saving plan is set aside to pay for your child’s college tuition.

 

Besides books, dorm room decorations and money for meal plans, your college-bound child also needs an estate plan. Working with an experienced estate planning attorney can help. We can set your child up with an estate plan to protect them in the coming years.

Oak Brook Estate Planning Attorney

Protecting your children as they grow older will provide you with peace of mind. With expert guidance from the estate planning attorneys at Estate & Probate Legal Group in Illinois, we can help make this happen. Contact us today at 630-864-5835.

AREAS WE SERVE: DuPage, Kane, Lake and Will counties.