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Consider Doing This Before Your Child Leaves for College

Key takeaways

  • Your college-bound child may need your help with a health issue, financial issue, or something else while away at school.
  • Most states have privacy laws in place that prohibit parents, or other caregivers, from accessing any records or making any decisions for their college student, unless a power-of-attorney is in place.
  • Learn more about why securing a power-of-attorney for your child is important and take appropriate action before classes begin.

If you have a child who’s leaving for college soon, there’s one important thing to consider doing before your student heads off. In short, you might want to consider getting a power-of-attorney for your college-bound child. We’ve got an article, written by Levenfeld Pearlstein, that we’d like you to read and it will give you details about why this is so important.

If you have an older child who has already gone to college, it could be you’ve already dealt with this. The critical thing to know is that, depending on your particular state law, once your college-bound student reaches the age of majority, you will no longer have the ability to make decisions for your child. Now, it’s true, your student may want mom, dad, or a grandparent to be there if he has a health problem or some other issue, but you won’t be allowed to do that unless you’ve been named their agent in those circumstances.

And, even though you may pay all the fees and tuition for your student, without a power-of-attorney you won’t have the ability to request your child’s grades or handle any financial concerns.  There are many other reasons to consider doing this, so go ahead and read this article. It’s very well done and provides a walk-through on the basics of why you may want to have a power-of-attorney in place before your child heads off for freedom and education at college. Until next time, enjoy.

Gary


Gary Klaben is in our Glenview, IL office and serves our clients who are now located all over the country.  He has over 30 years of experience and is the author of Changing the Conversation, Wealth of Everything and co-author of The Business BattlefieldWhether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them.

Inertia, often caused by being overwhelmed, keeps smart people from planning. TransformingWealth™ , Coyle’s proprietary approach, is designed to get your arms around the big picture so you can make informed financial decisions. Take the first step to living the Good Life Managed Well™, and schedule a complimentary TransformingWealth Preview Meeting.

www.coylefinancial.com
800-480-7913 | coyle@coylefinancial.com

We value your comments and opinions, but due to regulatory restrictions, we cannot accept comments directly onto our blog.  We welcome your comments via e-mail and look forward to hearing from you.

All information is from sources deemed reliable, but no warranty is made to its accuracy or completeness.   This material is being provided for informational or educational purposes only, and does not take into account the investment objectives or financial situation of any client or prospective client.  The information is not intended as investment advice, and is not a recommendation to buy, sell, or invest in any particular investment or market segment.  Those seeking information regarding their particular investment needs should contact a financial professional.  Coyle, our employees, or our clients, may or may not be invested in any individual securities or market segments discussed in this material.  The opinions expressed were current as of the date of posting, but are subject to change without notice due to market, political, or economic conditions.

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