If your child is getting ready to graduate from high school this spring, you are probably amazed with how quickly the years have gone by since they first started kindergarten. This also means that you are getting older too, and you have probably been advised about how important it is to have a will as part of your estate plan. But should you advise your new college bound child to have one too?
The reality is that an incoming college freshman is about as concerned about an estate plan as he or she is about planning for retirement. They are essentially starting a new life, so they are hardly concerned with planning for the end of their life. Instead, fitting in and paying their bills are paramount. Nevertheless, adults at all stages of life can benefit from having an estate plan; even if it is as simple as a basic will or power of attorney.
Basic estate planning documents are critical given the number of digital assets the average college student already has (such as online social media accounts and musical holdings) and stands to accumulate throughout their college experience.
To properly follow a tech company’s procedures for transferring digital assets, it is important to have a will in place to identify the proper people who can take custody of these assets, regardless if it is you (as a parent) or another loved one. If you have questions about how to structure a will for a college student, an experienced estate planning attorney can help.
The preceding is not legal advice.