Three Documents Every College-Bound Student (And Anyone Age 18 or Older) Might Consider

November 20, 2020

 

Do you have clients with children heading off to college or in college? There are likely three documents that your client’s child might consider having: a Healthcare Directive (HCD), a Durable Power of Attorney (DPOA), and a HIPAA Waiver.

It is every parent’s worst fear: a child is ill, or injured, and in need of medical care. If the child is the age of majority–age 18 in most states–he/she is an adult for legal purposes. This means that a parent might not be able to get information on the child’s condition and make decisions on the child’s behalf. While a parent would likely be named the guardian or conservator by a court, this creates an additional step in an already potentially stressful situation.

A Healthcare Directive (sometimes called an Advance Directive, Healthcare Proxy, or Healthcare Power of Attorney) allows the adult child to name the person, such as a parent, who will make medical decisions on his/her behalf. A HIPAA Waiver is also typically needed for the release of all medical information.

As an HCD applies only to medical decisions, an additional document is likely needed. A Durable Power of Attorney (DPOA) can designate a person to manage the child’s financial and legal affairs when the child cannot. While a DPOA can also allow for health decisions, the parent(s) and child may want the flexibility of being able to name one person for the HCD, and a different person to manage affairs under the DPOA.

To easily access the documents, store a PDF of each document on both the child’s, and the named person’s cell phone. That means the documents are where they can be both accessed, and immediately emailed. And be sure to consult legal counsel about what might be the best options for your situation.

 


 

For more information on retirement-planning strategies, please contact the Retirement Strategies Group at (800) 722-2333, or email us at RSG@PacificLife.com


Attachments/Links 

Picture of Pacific Life Annuities

Pacific Life offers a broad and diversified range of products and solutions designed to help individuals and families achieve asset growth, sustainable retirement income, and long-term financial independence. We also help businesses manage and fulfill their long-term retirement plan commitments to employees.

Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. 

Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA) and an affiliate of Pacific Life & Annuity Company. Variable and fixed annuity products are available through licensed third parties.

No bank guarantee • Not a deposit • Not FDIC/NCUA insured • May lose value • Not insured by any federal government agency

For financial professional use only. Not for use with the public.