Heading to college is a significant milestone in a young adult’s life. It is a time filled with new experiences and opportunities. However, it is also often a time of new autonomy from your parents in the eyes of the law. Preparing certain legal documents can protect you in emergencies and provide you and your family peace of mind when you leave for school. Below, our Texas estate planning lawyers discuss 3 documents every college student needs and why.
Why Is Estate Planning Important for Young Adults?
Young adults and college students often overlook estate planning. Why? There are misconceptions that it is only necessary for wealthy or older people and only applies to what happens after you pass away. However, establishing certain legal documents is critical for anyone 18 or older in Texas.
When you turn 18, you are legally an adult in Texas. Your parents or guardians no longer have automatic access to your financial records, medical information, or the ability to make legal decisions on your behalf.
While you gain autonomy, your family cannot take care of you in emergencies without going through unnecessary legal hurdles. Certain documents can protect you in the event of unexpected life events, such as a serious illness or accident.
What Are Important Legal Forms for College Students?
If you were to become incapacitated without certain documents in place, your loved ones would not be able to help you with medical decisions or your financial obligations without going through a lengthy and stressful court process. By establishing the following documents, you can protect yourself and give your family peace of mind:
1. Medical Power of Attorney
A medical power of attorney is a legal document in which you choose one or more people you trust to make medical decisions on your behalf if there comes a time when you are unable to make those decisions yourself. For example, a medical power attorney can apply if you are unconscious, seriously injured, or incapacitated.
The person or people you choose are called medical agents. Your agents have the authority to speak with your healthcare providers. They can also make decisions about your medical treatment based on what they believe you would want. Having a medical power of attorney ensures that if you are ever in a situation where you cannot make your own healthcare decisions, someone you trust, such as a parent or another loved one, has the power to advocate for you and support you.
2. HIPAA Release
HIPAA, which stands for the Health Insurance Portability and Accountability Act, is a law that protects your privacy by keeping your medical information confidential. A HIPAA release is a document that allows you to specify who can access and receive your health information. By signing a HIPAA release, you give your healthcare providers permission to discuss your health and share your medical records with the people you have named in the document.
If you ever get sick or injured, especially when away at college, your parents or guardians will not automatically have access to your medical information due to HIPAA’s privacy rules. They lost that access when you turned 18. A HIPAA release ensures that the people you trust can get the information they need to help you when you cannot communicate or make healthcare decisions yourself.
With a HIPAA release, you can limit the information your doctors provide to the people you name in the document. This allows you to maintain privacy while also allowing your loved ones the access they need to support you in emergencies.
3. Financial Power of Attorney
A financial power of attorney is a legal document that enables someone you trust, such as a parent or family member, to handle financial matters on your behalf if you cannot. Reasons you may not be able to manage your financial obligations include being busy with school, studying abroad, or facing a serious health issue.
The person you choose is your financial agent. Your financial agent can help you with many tasks, such as:
- Managing your bank account
- Paying your rent and bills
- Renewing your car registration
- Filing your taxes
- Applying for financial aid or other government benefits
You can choose when this document takes effect. For example, you can make it immediate if you want help managing your financial obligations on a daily basis. You can also make it take effect only in the event of incapacitation.
A financial power of attorney protects you in the event of an emergency. It allows someone you trust to help you keep your financial life on track if you are unconscious or incapacitated.
Get Your Legal Documents Using Estate Plan Express
At Warren & Migliaccio, our Estate Plan Express service is an affordable and convenient way to get the most important legal documents for college students in Texas. We offer flat rate online will packages that include the following essential estate planning documents:
- Medical power of attorney
- HIPAA release
- Financial power of attorney
- Last will and testament
Many college students may not see the need to have a will. However, you may have certain personal belongings you want to leave to specific people. If you pass away without a will, state law determines who gets your assets and property, which may not align with what you would choose. Parents in college can also use a will to designate a guardian to minor children.
With our Estate Plan Express service, you can be assured that your documents are prepared by an experienced Texas estate planning attorney. Using our guided questionnaire, you can tell us everything we need to know to create your simple estate plan. Then, our attorney will prepare your documents to meet Texas state laws and your wishes. Visit our online estate planning portal to get started.
If you have questions about legal documents for college students in Texas, do not hesitate to reach out to us. Our Texas estate planning attorneys are happy to answer your legal questions and discuss how we can help you prepare for college and the future. Call us today at (888) 584-9614 or contact us online to schedule a consultation.
