What parents need to do before sending their kids to college
Everyday Wealth
Jean Chatzky
2 • 935 Ratings
🗓️ 19 August 2022
⏱️ 8 minutes
🧾️ Download transcript
Summary
If your child is going off to college for the first time, there are many things that you have to send with them, including financial documents. Erin Smith, director of estate planning with Edelman Financial Engines, joins Soledad and Jean to explain what those documents are, and why they’re so important.
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Transcript
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| 0:00.0 | This is Everyday Wealth, |
| 0:05.0 | This is Everyday Wealth, with award-winning journalist Soledad O'Brien |
| 0:09.0 | and personal finance expert Jean Chatsky. |
| 0:12.0 | Can you walk our listeners through what they should be doing if they have kids heading |
| 0:16.4 | off to college in the fall? |
| 0:18.1 | What specific documents do they need? |
| 0:21.4 | So there are three really important documents that all adult age college students need. |
| 0:28.4 | So they themselves need a durable power of attorney. |
| 0:32.1 | They need a power of attorney for health care. This is sometimes |
| 0:36.0 | called an advanced directive and it's sometimes called a health care proxy. And then they also |
| 0:40.9 | need a HIPAA authorization because they are a legal adult. |
| 0:46.6 | And because they're a legal adult, mom and dad don't have the ability to make financial |
| 0:52.4 | decisions or health care decisions for their adult child, even if they're in college. |
| 0:57.0 | We started having this conversation with my daughters who are now almost 20 and 21. |
| 1:03.8 | In our conversation, Aaron, a while back, |
| 1:06.3 | was the first time I thought about, like, |
| 1:08.4 | oh my gosh, if something happens while they're at school, |
| 1:12.0 | who knows what could happen if you're not physically there? |
| 1:15.2 | So if you don't mind, I'd love to walk through those three items and explain to us why they're |
| 1:20.0 | so important. So start with the durable power of attorney. Why is it so important? |
| 1:24.8 | So durable power of attorney is a document where your college student is going to be appointing |
| 1:31.5 | another person to make non-health-care decisions on their behalf. These are things like banking |
... |
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