As most rising college freshman are on the cusp of becoming legal adults, many of these legal documents can help them to protect themselves and allow you as their parent to help them should something unexpected happen. It is important for your teen and you to discuss these documents with an attorney to determine which may be appropriate for your child’s situation. An attorney can ensure that the documents are properly drafted and comply with state laws. Having these legal documents in place may offer you and your teen peace of mind as they embark on this new chapter. 

Here are 5 key legal documents you should discuss with your teen before they leave for college: 

  1. Healthcare Power of Attorney: This document allows your teen to appoint someone (usually a parent or trusted individual) to make medical decisions on their behalf if they become incapacitated and cannot make decisions for themselves.
  2. HIPAA Authorization: The Health Insurance Portability and Accountability Act (HIPAA) protects a person’s medical information from being shared without their consent. By signing a HIPAA authorization, your teen can grant specific individuals, such as parents, access to their medical records and information. 
  3. Living Will (Advance Healthcare Directive): A living will outlines your teen’s preferences for end-of-life medical treatment and care in case they are unable to communicate their wishes. It provides guidance to healthcare providers and family members during critical situations. 
  4. Durable Financial Power of Attorney: With this document, your teen can designate someone to handle their financial affairs if they are unable to do so due to illness, accident, or other circumstances. This allows the appointed individual to manage bank accounts, pay bills, and handle financial matters on their behalf. 
  5. Student Privacy Release (FERPA Waiver): The Family Educational Rights and Privacy Act (FERPA) protects the privacy of a student’s educational records. By signing a FERPA waiver, your teen can authorize you to access their academic records and communicate with the college or university on their behalf.

By addressing these important legal documents, you can provide your college-bound teen with peace of mind, ensuring their protection and your ability to assist if necessary. For further information on college savings and preparation, feel free to reach out to us.

The information provided in this communication was sourced by Tenet Wealth Partners through public information and public channels and is in no way proprietary to Tenet Wealth Partners, nor is the information provided Tenet Wealth Partner’s position, recommendation or investment advice. This material is provided for informational/educational purposes only. This material is not intended to constitute legal, tax, investment or financial advice. Registered Representatives of Sanctuary Securities Inc. and Investment Advisor Representatives of Sanctuary Advisors, LLC. Securities offered through Sanctuary Securities, Inc., Member FINRA, SIPC. Advisory services offered through Sanctuary Advisors, LLC., an SEC Registered Investment Advisor. Tenet Wealth Partners is a DBA of Sanctuary Securities, Inc. and Sanctuary Advisors, LLC.