Your child is about to start their freshman year of college. No doubt, you have countless items on your to-do list to make sure they’ve got everything they need for both the classroom and their dorm rooms.
But there are some steps you should also take to ensure you have the authority to protect their health and financial interests should unforeseen circumstances occur.
Healthcare protections
Injuries and illnesses happen. So, you’ll want to have your child complete the following documents to make sure you can legally act on their behalf if they need medical care.
HIPAA release form
Once your child turns 18, you’ll no longer have access to their medical history, even if an emergency occurs. A HIPAA release form signed by your child enables physicians and medical centers to share this information with you. You will have to provide a copy of this signed form to medical providers in cases where you need to access this information.
Healthcare power of attorney
If your child becomes physically or mentally incapacitated, a healthcare power of attorney gives you the authority to make medical decisions on their behalf.
Sample Healthcare Power of Attorney form for Massachusetts
College health insurance waivers
Some colleges automatically include school-provided healthcare insurance in their fees. These costs can be several thousand dollars per year. If you want your child to be covered by your own healthcare plan, make sure you (or they) waive the college healthcare plan enrollment. You may need to do this every fall semester.
Durable power of attorney
If you’re concerned about your child’s ability to manage their own finances while they’re away, you should have them grant you durable power of attorney (DPOA).
DPOA gives you the authority to manage their financial matters, such as paying for tuition and other expenses, managing their bank account, or paying their taxes, if they’re unable to. This can be particularly important if they’re taking a semester abroad and won’t have easy access to their bank account.
Most states have their own standard DPOA template documents you can download and fill out with your child. To enhance its legal status, your child should sign this form in the presence of a notary public.
FERPA release form
Some parents are surprised when they discover that they're not automatically allowed to see their college student's grades and know whether they’ve gotten in trouble with instructors, administrators or other college officials. That's why it's important to talk to your child about the Family Education Rights and Privacy Act (FERPA) release form. They may take comfort in knowing that signing the form can give you the ability to guide them and interact with the college administration on their behalf if needed.
You or they can download a standard, customizable FERPA release form from the U.S. Department of Education.
Banking and credit card access
If your child has their own bank account or credit card, encourage them to provide you with online access to their accounts to enable you to check their balances, deposits and expenditures.
Before they go off to school, consider adding their bank account information to your own bank account’s list of authorized transfer recipients to make it easier to move money to their account.
Alternatively, you and your child can both set up PayPal, Venmo or Zelle accounts tied to their bank accounts to make it easy for you transfer money. These apps generally don’t charge fees for person-to-person transfers made directly from your bank.
Auto protection
If your child plans on taking a car to school and it’s still registered in your name, it might be a good idea to let your auto insurance company know where it will be located during the school year, in case it gets damaged or stolen.
And if your child doesn’t have a roadside assistance membership, consider adding them to your plan.
This article was authored by Michael Flaherty and Jeffrey Briskin. Michael is a senior financial advisor with Canby Financial Advisors, a SEC-registered investment adviser. SEC registration does not constitute an endorsement by the SEC nor a statement about any skill or training. Michael can be reached at 508.598.1082 or mflaherty@canbyfinancial.com. Jeffrey Briskin is Director of Marketing at Canby Financial Advisors.
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