Back-to-school estate planning: Preparing college-bound kids for the unexpected

As college students pack up for dorm life and newfound independence, estate planning might be the last thing on their minds — or their parents’. But once a child turns 18, they’re legally an adult, and parents no longer have automatic rights to make medical or financial decisions on their behalf. That’s why estate planning is a crucial part of back-to-school prep for families with college-bound kids.

Why It Matters

Emergencies can happen — whether it’s a serious illness, accident or unexpected hospitalization. Without proper legal documents in place, parents may face roadblocks accessing medical records, making health care decisions, or managing finances for their adult children.

Essential Documents to Consider

Key documents include:

• Health Care Power of Attorney — Allows parents to make medical decisions if their child is incapacitated.

• HIPAA Authorization — Grants access to medical records and information.

• Durable Power of Attorney — Enables parents to manage financial matters, such as banking or tuition payments.

• Living Will — Outlines the student’s wishes regarding life-sustaining treatment.

Digital Access and Privacy

Students often manage their lives online. Consider discussing access to digital accounts, including email, banking and social media in case of emergency. A digital assets provision in the power of attorney can help.

Peace of Mind for the Whole Family

Estate planning for college students isn’t about expecting the worst; it’s about being prepared. These documents provide peace of mind, ensuring that parents can step in quickly and legally if needed, and that students’ wishes are respected.

State-Specific Considerations

Laws vary by state, so it’s wise to consult an estate planning attorney familiar with both your home state and the state where your child will attend college.

Wells Fargo Advisors does not provide legal or tax advice. We encourage you to speak with your chosen attorney regarding your specific situation.

This article was written by Jamie L. Seim, Managing Director – Investment Officer, Ponte Vedra Wealth Management Group of Wells Fargo Advisors in Ponte Vedra Beach.

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