A college student needs a basic estate plan because turning 18 cuts off a parent's automatic legal access to the student's medical records and finances, and because a will is the only document that lets a young person name who receives their property and who manages their digital accounts if something happens to them.
Most students will never need these documents. But the small amount of time it takes to put them in place removes a real gap in coverage for the rare case when they do. Start a will online with FastWill and see how quickly this can be done, or read our step-by-step guide to writing an online will as a college student.
Why College Students Should Have Their Own Wills
A will is a legal document that says where your property goes when you die. For a college student, that might not sound urgent, but it is a hedge against the unexpected, and it is also a useful planning exercise. Listing your current assets and debts is a good way to track what you already have, from a car to a laptop to cryptocurrency holdings or a social media following that has real value attached to it.
Some students already have children or close relationships with younger siblings they help raise. If that is you, a will lets you name a guardian for any children of your own and direct who receives your most valued possessions.
Why Parents Should Help Their College Student Estate Plan
If you are the parent of a college student, think of helping them make a will as one more life skill you are teaching them, not a conversation about mortality. You already taught them to manage a bank account and drive a car. Estate planning is the same kind of practical, forward-looking lesson, and it matters more now than it did in past generations because today's students hold real assets in digital form: photos, videos, cryptocurrency, and social media accounts that carry both sentimental and sometimes financial value.
When your child leaves for college, it is also a good moment to review your own will and any life insurance beneficiary designations, since they may still list outdated information from when your child was younger.
What Happens When Your Child Turns 18
Most parents are not aware that they lose automatic access to their child's medical and financial information once that child turns 18, even if the child is still a dependent on the parent's health insurance or tax return. According to the National Institutes of Health's MedlinePlus resource on advance directives, an adult's health care decisions and records are protected once they reach the age of majority, and a parent generally needs the adult child's authorization, a health care power of attorney, or a court appointment to regain access.
This creates two practical problems. First, if your child is hospitalized or incapacitated, you may not be able to see their records or make treatment decisions without a signed authorization already in place. Second, you may not be able to access their bank accounts or manage bills on their behalf without a power of attorney, even though you may be the one paying the tuition.
A Worked Example
Consider a 19-year-old student who is in a car accident and hospitalized in another state. Without an advance directive naming a parent as the health care decision-maker, hospital staff may have to rely on their own judgment or a slower legal process to identify who can authorize treatment decisions. With a signed advance directive and durable power of attorney already in place, the designated parent can immediately step in, both for medical decisions and for handling bills and financial accounts back home. The documents cost nothing in terms of ongoing effort once they are signed, but they remove real delay during an emergency.
Documents a College Student Should Have
- A will naming beneficiaries for property and, if applicable, a guardian for any children.
- A durable power of attorney giving a trusted person, often a parent, the ability to make financial decisions if the student is incapacitated. See the pros and cons of a power of attorney before you decide who to name.
- An advance directive or health care power of attorney naming who can make medical treatment decisions in an emergency. See our guide to advance directives and living wills for more on how this document works.
- A FERPA release (Family Educational Rights and Privacy Act waiver) that lets the college release academic records to a parent when needed. Under federal guidance from the U.S. Department of Education's Protecting Student Privacy site, FERPA rights transfer from parent to student once the student turns 18 or enrolls in a postsecondary institution, with a narrow exception if the student is claimed as a dependent on the parent's tax return.
How FastWill Handles This
FastWill lets a college student build a will and related documents in one sitting, using plain-language questions instead of legal forms. Parents can also update their own will and beneficiary designations at the same time, which is a natural moment to do so once a child reaches adulthood.
Common Mistakes to Avoid
- Assuming a parent automatically has access to an adult child's medical or financial information. They do not, once the child turns 18.
- Skipping a will because assets seem small. A will also names a guardian for the student's own children, if any, and directs digital assets that may otherwise be inaccessible.
- Forgetting to update parental documents once a child becomes an adult, especially life insurance beneficiary designations and existing powers of attorney.
Frequently Asked Questions
Does a college student really need a will?
Yes, if the student has any property, digital assets, or children of their own, a will directs who receives them. It also builds a habit of planning that carries into later life.
Can parents access a hospitalized college student's medical records?
Not automatically once the student turns 18. Parents need the student's authorization, a health care power of attorney signed by the student, or a court order.
What is a FERPA waiver and why does it matter?
A FERPA waiver lets a college release a student's academic records to a named person, such as a parent, since federal privacy law otherwise restricts access once the student is an adult.
What is the difference between a durable power of attorney and an advance directive?
A durable power of attorney covers financial and legal decisions if the student is incapacitated. An advance directive, sometimes paired with a health care power of attorney, covers medical treatment decisions specifically.
How much does it cost to set up these documents?
Costs vary depending on whether you use an attorney or an online service. FastWill's online process is built to be a low-cost way for a student and their family to put these documents in place without hiring a lawyer for a straightforward situation.
Helping your college student put these documents in place takes less time than most people expect. See FastWill's plans and pricing and get started today.
