Create an Estate Plan Before Your New Student Moves On Campus
Certainty is a luxury that is never guaranteed, making preparing for the unexpected an essential task for individuals and families with something worth protecting. While estate planning is traditionally associated with the later stages of life, it’s still significant for individuals at every life stage, including those just starting their adult journey. Contrary to popular belief, it’s not just for distributing wealth. Creating an estate plan is fundamentally about assuming control over your financial and healthcare decisions no matter what the future holds.
Estate Planning for College Students
College marks a huge milestone in the transition into adulthood, where students pursue academic and career goals and start making significant life decisions. It’s a period characterized by new beginnings and, often, the first taste of financial independence. Every parent should help their new adult child recognize that protecting even minimal assets is crucial. For example, students may not own real estate or have substantial savings but might possess laptops, vehicles, or modest financial accounts—assets that merit consideration in estate planning.
Creating a will is a straightforward yet powerful step for college students. This legal document directs the distribution of their belongings. It ensures that their wishes are honored without defaulting to standard state inheritance laws, which might not align with their personal preferences. More importantly, a will can appoint a trusted person to manage these assets, avoiding potential legal and familial conflicts.
Power of Attorney and Medical Directives
Beyond wills, estate planning encompasses financial and healthcare decision-making powers through documents like power of attorney and medical proxies. A power of attorney allows a designated individual—typically a trusted family member or friend—to handle financial or legal affairs if the student is unable to do so. This arrangement is particularly valuable for those studying away from home or abroad, providing peace of mind that someone they trust can manage their affairs without hindrance.
A healthcare proxy, or medical power of attorney, is equally important. It enables students to appoint someone to make medical decisions on their behalf in the event they are incapacitated. This document ensures that medical treatment aligns with their personal preferences, especially in emergencies where they might be unable to communicate their desires.
The Broader Impact of Early Estate Planning
Initiating estate planning at a young age instills a sense of responsibility and foresight. It prompts individuals to consider their long-term desires and the implications of their choices on their personal and financial well-being. Having documents in place that provide legally recognized directives to follow can also alleviate stress and confusion for both the individual and their family during challenging times.
For those ready to take this responsible step, Hoffman Walker & Knauf, Attorneys at Law , is here to guide you through every stage of the process. Whether you’re a college student looking to start with basic wills, or someone seeking comprehensive estate planning advice, our team is ready to assist. Contact us at 859-371-2227 to ensure your peace of mind and prepare for whatever the future may hold.
