The College Packing List Item Most Parents Forget
You’ve ordered the extra-long twin sheets. You’ve stocked up on shower sandals, laundry detergent, and enough Ramen noodles to last a semester. You’ve double-checked the move-in date and mapped the drive to campus. But there’s one critical item missing from most college packing lists – and it has nothing to do with dorm room décor.
When your child turns 18, the law recognizes them as an adult – and that changes everything. As their parent, you are no longer their automatic decision maker. If your college student were to be in an accident or become seriously ill, you could find yourself unable to access medical information, speak with their doctors, or make time-sensitive healthcare decisions on their behalf. The same holds true for financial and legal matters: without the right documents in place, even the most basic tasks – like accessing a bank account or managing a lease – can become legally complicated.
The solution is straightforward: before your child heads off to school, a common planning step is to speak with a qualified attorney about whether your child should execute appropriate healthcare and financial authorization documents, which may include a Healthcare Power of Attorney and General or Durable Financial Power of Attorney, depending on applicable state law.
A Healthcare Power of Attorney authorizes a trusted person – typically a parent – to make medical decisions if your child is unable to do so. A General (Financial) Power of Attorney grants authority to handle legal and financial matters. Together, these documents give your family the ability to act quickly and decisively if the unexpected occurs. Your child remains in full control – they can grant as little or as much authority as they choose, and either document can be revoked at any time. If your child is headed out of state for college, it may be a good idea to ensure the documents are valid under both the home-state’s law, as well as the state where the college is located.
No parent wants to think about receiving that phone call. But the families who have these documents in place know that if the worst does happen, they can focus entirely on their child – not on navigating a court process to obtain legal authority that should have been granted in advance. Guardianship proceedings are costly, time-consuming, and emotionally exhausting at a moment when your energy belongs elsewhere.
If you have a child heading off to college or approaching their 18th birthday, now is the time to act.
Reach out to your SAX Wealth Advisor to discuss how these documents fit into your broader family planning checklist.
About the Author:
Tamara M. Paulun, JD, CTFA
Tamara is Director of Advanced Planning & Trusts at SAX Wealth Advisors, LLC where she leads the firm’s estate, trust, and fiduciary planning strategies for high-net-worth individuals, athletes, artists, and multi-generational families. As an attorney and Certified Trust and Financial Advisor, she combines a legal background with deep fiduciary expertise to advise on complex wealth transfer and legacy planning strategies.
Tamara can be reached at tpaulun@saxwa.com or (574) 348-8813.
Disclosure:
SAX Wealth Advisors, LLC is an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. This material is provided for informational and educational purposes only and should not be construed as legal, tax, or investment advice. SAX Wealth Advisors does not provide legal advice or prepare legal documents. Families should consult a qualified attorney.