Your child might have graduated as the valedictorian of his or her high school class and might be going off to a well-regarded university in the Fall, but you still know that your child has a lot of things that he or she needs to learn before he or she will be successful in life.
As a parent who wants what is best for your child, there are a few things you can do before your child goes off to college.
This was the topic of a recent post by the Wills, Trusts & Estates Prof Blog in "Five Essentials for College Freshman."
Things that you can do include:
- Get your child a health care proxy. If your child has a medical emergency, you will want to make sure you or someone else you trust has the legal authority to make important health care decisions.
- Get your child a general durable power of attorney. This document will allow you or another person named in the document to handle your child's finances in an emergency.
- Get your child a will. While hopefully not necessary, should the worst happen it would be a good idea for your child to have a will. If nothing else, getting a will should help your child understand why having a will is important.
- Make sure that your child knows about cyber security and how to protect their identity. The Internet is still a dangerous place in many ways. Future employers also know all about social media.
- Have your child get a credit card. It is possible your child might abuse it, but establishing credit early is important enough to take that risk.
Reference: Wills, Trusts & Estates Prof Blog (July 12, 2017) "Five Essentials for College Freshman."