As a new college year begin soon, most parents of college students focus on tuition, textbooks, and dorm essentials. But at Peach State Wills & Trusts, we encourage parents and students to consider an often overlooked aspect of college preparation: estate planning. Most college students are adults, and it's essential they have certain legal documents in place before they set off on their own. These documents aren't only about what happens when they die, but importantly focus on who can act for them if they are in an accident or fall seriously ill.
The Importance of an Advance Directive for Healthcare
One critical document every college student in Georgia should have is the Advance Directive for Healthcare. This document allows students to appoint a healthcare agent, often a parent, to make medical decisions on their behalf if they are unable to do so themselves. This agent can communicate with doctors, access medical records, and make informed decisions about the student's healthcare. With privacy laws in place, such as the Health Insurance Portability and Accountability Act (HIPAA), having an Advance Directive for Healthcare can circumvent possible barriers in obtaining crucial medical information during emergencies.
Understanding the Power of a Durable Power of Attorney
In addition to the Advance Directive for Healthcare, a Durable Power of Attorney is another crucial legal document. This document allows students to appoint someone, typically a parent, to handle their financial matters if they are unable to do so themselves. The appointed agent can manage finances, deal with banks, renew car registrations, manage property and other personal business affairs, and more. This document is not only beneficial in case of incapacitation but can also serve as a matter of convenience if the student is far from home and needs mom or dad to handle something back home.
Seek Guidance from Professionals
We understand that estate planning may seem daunting, especially when dealing with the world of higher education. That's where we come in. At Peach State Wills & Trusts, we have a deep understanding of Georgia's estate planning laws and are dedicated to guiding your family through this process in a friendly, professional manner.
Let Peach State Wills & Trusts Guide You
If you're preparing to send your child off to college, it's time to plan. Contact Peach State Wills & Trusts at 678-344-5342 to learn how to plan for the unexpected in Georgia today. If you have any questions about estate planning in Georgia, you can download our free guide here, no strings attached. You can trust us to help ensure your college student is ready for whatever life may throw their way.