Estate Planning

Safeguarding Your College Student: The Importance of Estate Planning

Safeguarding Your College Student The Importance of Estate Planning

As parents, we cherish the moments of seeing our children grow into young adults, especially as they embark on their college journeys. While we don’t want to think about it, it’s equally vital to consider their well-being in unforeseen circumstances, like accidents or unexpected medical issues. One often-overlooked aspect of this safety net is estate planning, specifically having health care, mental health care, and financial powers of attorney in place.

Why Estate Planning for Young Adults Matters

Imagine a scenario where your college-aged child faces a serious medical issue or an accident. Without a power of attorney, you, as their parent, might find yourself unable to access their medical information or make crucial decisions on their behalf. The parent-child relationship alone might not grant you access to physicians or information about your child’s condition. This is a situation no one wants to be in, but it’s crucial to prepare.

As a real-life example of this, our firm once had a client whose daughter was in college across the country when an emergency struck. One evening, the mom received a call from the university student health center reporting they they were treating their daughter for an emergency and currently unresponsive. Without a valid power of attorney, the team at the health center wouldn’t give the parents any information on their daughter’s health situation. Thankfully, they treated and resolved her emergency, however, proper planning would have eliminated significant worry and stress.

When a young adult doesn’t have powers of attorney in place, the medical and financial decisions that need to be made during an emergency may require a court-appointed guardian, which can be a time-consuming and expensive process. Additionally, your child’s wishes might not be honored without proper documentation.

Collaboration for Peace of Mind

Collaborating with your young adult child to establish appropriate estate planning, including powers of attorney, can provide peace of mind, for you and your child. It ensures that in emergencies, you have the legal authority to make decisions and access vital information. Our team at Lihn Law Group specializes in assisting families like yours in the design and creation of comprehensive estate plans addressing these concerns. We understand the intricacies of health care power of attorney, mental health care power of attorney, and financial power of attorney, ensuring they meet legal requirements and provide the protection your child needs.

Taking this proactive step not only safeguards your child but also eases your anxieties during potentially challenging times. Reach out to us today to start the conversation about securing your young adult’s future.

Learn more on our site or feel free to contact Lihn Law Group for expert guidance and support at (602) 887-5031 or send us a message!

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