Estate Planning Documents When Your Child Leaves for College

For many Gwinnett County residents, as summer comes to an end, it is time to help your child transition from life at home while attending high school to a new and independent life as a college student. Whether your child is remaining in state at a school like the University of Georgia or Emory University, or your child is attending college out of state, there are some critical estate planning documents that you should make sure your child has in place.

There is a common misconception that only older adults need to have estate planning documents, or that estate planning is only important once you have children, experience health issues, or earn or inherit a significant net worth. However, this is a myth — certain elements of estate planning are extremely important for your recent college enrollee before they leave for school. Our Norcross estate planning lawyers can tell you more.

What Estate Planning Documents Should Your Child Have Before They Leave for College? 

There are a couple of key documents that your child should have in place before they leave for college:

• Powers of attorney for financial matters; and
• Georgia advance directive for health care.

Your child should create a power of attorney document that names you or the other parent (or both) as an agent who can make important financial decisions for them in the event that they become incapacitated and unable to make those decisions for themselves. This is extremely important in the event of an accident or another unexpected occurrence. In addition, a Georgia advance directive for health care should be in place. With this document, your child can outline their own wishes for the administration or withholding of certain medical procedures, but more importantly, they can name you (or another party they trust) as an agent who can make critical health care decisions on their behalf in the event they become unable to make those decisions on their own.

Estate Planning Tools That Can Likely Wait 

While powers of attorney and a Georgia Advance Health Care Directive are crucial for Georgia residents of any age — and especially for your teenager who has just graduated from high school and is getting ready to leave for college — certain estate planning tools can wait.

Your child most likely does not yet need to engage in in-depth considerations for a will, or for establishing a trust. Depending on any assets or inheritances your child has, however, these along with beneficiary designations may also be important to consider before your child leaves for school.

Contact a Gwinnett County Estate Planning Lawyer Today for Assistance 

Do you have a teenager who will soon be leaving for college? If so, it is an extremely important time to ensure that your child has certain estate planning documents in place. While we often think about estate planning as a process that is only necessary as we age, in fact, adults of all ages need to consider certain elements of estate planning to protect themselves and their loved ones in various ways.

At Bowman Law Firm, we assist clients of all ages and from all backgrounds with their estate planning needs. To find out more about how we can help with your college student’s estate planning needs, you should get in touch with an experienced Gwinnett County estate planning attorney at Bowman Law Firm. Contact us today for more information.

Sources:

aging.georgia.gov/get-advance-directives

law.justia.com/codes/georgia/title-53/