Originally posted on 12/16/2016
With college semesters starting up in Michigan, it may not be so easy to get college students to think responsibly. This time can be especially tough with the need of moving back to school and getting situated for the upcoming year. However, parents should do their best to teach their kids to think critically before acting. Simple estate planning efforts is one of those things. Keep reading this article to learn more about the value of estate planning for college students.
The Value of Estate and Will Planning for College Students
To the typical college student, estate planning is about as far-fetched as planning a retirement party. However, it can be quite useful, especially considering how many of today’s college students have far more valuable digital assets compared to students in the past.
Wills and Digital Assets
A will is important given that many tech companies do not have procedures for passing on digital assets to one’s next of kin. A simple will can give parents or loved ones access to (or ownership of) a college student’s Twitter account, iTunes catalog, or Facebook profile so that they may be taken down or passed on accordingly. After all, many of these accounts are governed through a license between the company and the user, and are not constructed in a manner that would allow immediate distribution.
Beyond their digital footprint is their other financial assets. Though most college students have little in the way of money, any little bit adds up and can be important if they or you cannot access it. Consider a financial power of attorney to handle these issues.
Access to Medical Records
Access to information, especially medical records, is another important reason to discuss estate planning with a college student. Many parents forget that their college-aged children are legally adults, meaning that they do not have unfettered access to the child’s medical records, even when they are incapacitated. As such, it would be prudent to consider drafting a health care directive or a specific document that lists a parent as a health care proxy. It may be helpful to set up a health care power of attorney.
Work with a Trusted Estate Planning Attorney
There is so much to consider as a college student. No one plans for anything bad or unexpected to happen, but it is good to have a plan so everything can be handled correctly. The estate planning experts at Aldrich Legal Services can help you and your college students prepare your estates. If you have questions about estate planning for college students, an experienced attorney can help.