College Preparation Guidelines to Consider

By Morgan Weil, CFP®
Senior Wealth Manager & Financial Advisor, RJFS

After the 4th of July, it can feel like summer is over before it even began. Many parents and grandparents are savoring the remaining time with their children and grandchildren who are heading off to college in August or September.

Moms and dads have done their research, made checklists, and started shopping for all the items needed for the first semester in the dorms. The pile of essentials is growing at home.

However, as we prepare to send our young adults out into the world, it’s crucial not to forget the legal documents you will need. It's easy to overlook that these children are legally adults or close to becoming adults at 18. They can vote, sign contracts, and need to give their parents permission to act on their behalf or access their medical or financial information.

Before your college freshman leaves for school, it's important to have a few key legal documents in place. These documents can help ensure that you have the necessary authority to assist with financial, medical, and other important matters if needed. Here are some essential legal documents to consider:

1. Healthcare Power of Attorney (HPOA): This document allows you to make medical decisions on behalf of your child if they are unable to do so. It can be crucial in case of an emergency.
2. HIPAA Authorization: This authorization allows healthcare providers to share medical information with you. Without it, privacy laws might prevent you from accessing your child's medical records.
3. Durable Power of Attorney (DPOA): This document allows you to handle financial and legal matters on behalf of your child. It can be particularly useful if your child needs help managing bank accounts, paying bills, or dealing with other financial issues while they are away at college.
4. FERPA Release Form: The Family Educational Rights and Privacy Act (FERPA) protects the privacy of student education records. A FERPA release form allows you to access your child's academic records and communicate with the college about their educational progress.
5. Living Will or Advance Directive: This document outlines your child's wishes regarding medical treatment in case they become incapacitated and cannot communicate their preferences.
6. Insurance Information: Ensure that your child has a copy of their health insurance card and understands how to use it. Also, check if your health insurance plan covers out-of-state or out-of-network services if your child is attending school far from home.
7. Passport or Identification: If your child doesn't already have a passport, it's a good idea to get one. It's also essential to ensure they have a valid driver's license or state ID.

Having these documents in place can provide peace of mind and ensure that you can support your child effectively while they are away at college. It's also a good idea to discuss these documents and their importance with your child so they understand the reasons behind having them.

Raymond James does not provide legal services. Please discuss these matters with the appropriate professional.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.