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The Ultimate College-Readiness Financial Checklist for High-Net-Worth Families

Photo of Abby Rose

Jake Martin
Sep 15th, 2025 | 11 min read

Preparing your child for college is an exciting milestone that also brings important legal, financial, and practical responsibilities, especially for high-net-worth families. Thoughtful preparation helps safeguard your child’s independence while ensuring you remain equipped to support them through this transition.

This carefully organized checklist highlights the critical areas to focus on, from legal healthcare protections and financial readiness to tuition planning and insurance considerations.

1. Legal & Healthcare Protections

Ensure you can support and advocate for your child in unexpected situations.

  • Power of Attorney, HIPAA & Advance Directives: Enable parents to help manage financial and health affairs if the child is incapacitated and document your child’s wishes in the event of a medical emergency through a living will or medical advance directive.
  • FERPA Waiver: Allows parental access to academic records if needed.
  • Prescription Transfers: Move refills near campus and provide emergency instructions.

2. Financial Infrastructure & Wealth Stewardship

Lay a strong foundation for your child’s financial independence and protect wealth.

  • Custodial and Banking Accounts: Educate your child on responsibility as custodial accounts (UTMA/UGMA) transition fully to their control. Set up a student checking account to provide practical banking experience and smooth access to funds.
  • Open a Low Limit Credit Card or Secured Credit Card: Build responsible credit and offer emergency support. Good opportunity to teach best practices (pay in full, never miss a payment, monitor credit history).
  • Credit Freeze & Identity Protection: Prevent identity theft and monitor credit health.

3. Insurance, Coverage & Risk Management

Mitigate risks and ensure adequate coverage for college life changes.

  • Update Auto & Homeowner’s Insurance: Align coverage with actual driving and living arrangements
  • Health Insurance Review: Choose between family and college insurance based on coverage and costs.
  • Renters or Personal Property Insurance: Protect expensive items in dorms or off-campus housing.

4. Tuition Readiness

Prepare financial resources and paperwork specifically to cover tuition and educational expenses.

  • 529 Plan Management: Coordinate tax-efficient tuition payments and reimbursement timing.
  • FAFSA & Financial Aid Forms: Complete all forms, securing eligibility for scholarships, grants, or loans.
  • Scholarship Searches: Target merit- and specialty-based scholarships regardless of family wealth.

By addressing each of these key areas, you create a comprehensive foundation that balances your child’s growing independence with prudent oversight. This strategic approach empowers your student to thrive at college while protecting your family’s financial interests and peace of mind.