As summer college break wraps up and your kids prepare to head back to campus, it’s the perfect time to review and update your estate planning documents.

In our previous article, we covered how to navigate your child’s transition to adulthood. Now, let’s take the next step and ensure your loved ones are protected.

While shopping for school supplies and dorm essentials is crucial, updating your estate plan is essential for your family’s future security. Here are some key tips for reviewing and updating your estate plan during this back-to-school season:

Review Your Will and Trusts Ensure your will and any trusts accurately reflect your current wishes and family circumstances. Have there been significant changes in your family, such as births, deaths, marriages, or divorces? Update your beneficiaries and guardians for minor children as needed.

Update Health Care Directives and HIPAA Authorizations When your child turns 18, they’re legally considered an adult, and their medical decisions are their own. Confirm they have health care proxies and advance directives in place, designating someone (usually a parent) to make medical decisions if they become incapacitated. Additionally, a HIPAA authorization allows healthcare providers to share your adult child’s medical information with you, ensuring you can access their health records and communicate with doctors in emergencies.

Check Power of Attorney Documents A power of attorney document enables someone (typically a parent) to manage your adult child’s financial affairs if they are unable to do so. This includes paying bills, managing bank accounts, and handling investments.

Discuss Financial Responsibilities Use this time to talk with your college-bound child about financial responsibility. Ensure they understand how to manage their bank accounts, use credit wisely, and keep track of their expenses. Emphasize the importance of building and maintaining good credit.

Review Beneficiary Designations Check the beneficiary designations on your retirement accounts, life insurance policies, and other financial accounts. Make sure they align with your current estate plan and reflect any changes in your family dynamics.

Plan for Digital Assets In today’s digital age, managing online accounts and digital assets is crucial. Ensure your estate plan includes instructions for accessing and managing your digital accounts, such as email, social media, and online banking.

Consider Professional Assistance If your family circumstances have changed significantly or it’s been a while since your last update, consult with an estate planning attorney. They can help ensure your plan is comprehensive and current.