Estate Planning for College Students 101

As a college student, Estate Planning is not something that is part of your checklist of things needed for college. With all the classes, school activities and clubs to join, we do not think about getting an Estate Plan. Why? Because it is something you think about after college and further down the road after you have established a family. Getting an Estate Plan when you turn Eighteen (18) can help ensure that, in the case of an emergency, things are set in place for you and your family. Especially, designating someone who can make healthcare decisions for you if you are not able to; and to make sure your loved ones are taken care of. Below are some simple steps to take to help get the process started:

Establishing an  Power of Attorney (POA) with HeathCare Surrogate Designation

This is a legal document to designate someone to make all healthcare decisions and take care of your financial affairs if you are not able to make them. 

HIPAA/FERPA Authorizations

HIPAA (Health Insurance Portability and Accountability Act) protects patients' information from being disclosed without the patient's consent or knowledge. A HIPAA authorization form allows a selected person to review your medical records on your behalf.

Under the Family Educational Rights and Privacy Act (FERPA), a Postsecondary Institution (College or University) is permitted to disclose information from your education records to your parents if your parents (or one of your parents) claim you as a dependent for federal tax purposes. Signing a FERPA authorization form will allow your parents to have access to your educational records. 

Digital Assets

These assets can vary from social media accounts, credit cards, and cryptocurrency keys. Password protection and terms of service makes it hard for loved ones to access these accounts unless you share your login information with them, in cases of emergency. 

Last Will & Testament

A Last Will & Testament has written instructions on how and when your beneficiaries will receive your assets. It ensures that any minors that were under your care are taken care off. 

In this document, a Personal Representative is selected as the person who coordinates the distribution of your assets after death. The Beneficiaries are those who are inheriting the assets. 

Consulting with an Attorney

It is very important to speak to an attorney to help guide you through the process to make sure you have all your legal documents in order. 

Estate Planning is not just for the old and wealthy. It is a way to ensure that your loved ones are taken care of. It is taking the necessary steps to guarantee your medical wishes are met, your finances are in order and that your loved ones have access to your assets.

Contact our office at Askew & Associates, P.A. by calling 954-546-2699.

*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.