There is a lot to think about when kids head off to college. Many parents and students think about transportation, living arrangements, and having enough money. But, it also important to do the proper planning to be sure that kids and parents are well protected for legal and financial purposes.
Keep in mind, this is now the age when most college students are of legal age. Without proper documents, many parents may no longer be able to act on a child’s behalf. If you have not done so already, now might be a good time to talk with a legal professional about having proper documents such as power of attorney, HIPAA releases, or other documents so that if necessary, a parent can act on their adult child’s behalf for medical, financial, and other purposes.
It might also be a good idea to review insurance needs as well. In addition to having health insurance, car insurance, and insurance to cover a student’s belongings, it might also be important to consider life insurance. If parents have co-signed on a student’s loans, parents could be held responsible for this debt if a child passes away.
It is also a time when parents and students may want to pay extra attention to identity theft. Students will be using their social security numbers for loans, jobs, housing, or school related purposes, which could put them at greater risk for having their identity stolen.
For more information about how to protect your identity and what to do if it is stolen, contact our Call 4 Action Office for a free copy of our identity theft brochure.
