As your child begins college, a gap year program, or study abroad, there are three important documents he or she should have in place that will allow you to help in the event of an emergency or other circumstances: a HIPPA release; durable power of attorney for healthcare; and durable power of attorney for property.
This is particularly important in 2020 given concerns about COVID-19.
At the age of 18, your child is legally considered an adult in nearly every state. The Privacy Rule of the Health Insurance Portability and Accountability Act (HIPAA) and other privacy laws such as the Family Educational Rights and Privacy Act (FERPA) prevent parents of children age 18 or older from accessing their children’s grades, bank accounts, disciplinary records, or even information about their healthcare.
Your ability to talk to the school, doctors, or a hospital in the event your child has a medical emergency may be restricted even if you are paying tuition or medical bills and/or your child is on your healthcare plan.
More information about these documents is available in William Blair’s report:
Estate Planning Documents for Your College-Age Children During COVID-19
This information has been prepared solely for informational purposes and is not intended to provide or should not be relied upon for accounting, legal, tax, or investment advice. We recommend consulting your attorney, tax advisor, investment, or other professional advisor about your particular situation.