Estate planning for college students...

Most people think estate planning can only benefit those who have estates to pass on to their children, leaving out most college students.  But estate planning goes beyond the transfer of wealth; it can also provide a person's loved ones with a plan or with a set of preferences in the event they are incapacitated.  This is done primarily through living wills, health care directives, and powers of attorney. 

College students can be injured or worse, just like anyone else.  Many are also still dependant on their parents.  But if they do get injured or sick and become incapacitated, their parents no longer have the same legal rights they had when the college student was a high school student.  They cannot make medical decisions for the student or handle the student’s bank accounts.  That is where estate planning for college students comes in. 

College students can put in place documents to ensure what they want to happen in the event of a medical emergency happens.  Do they want to be resuscitated?  Do they want to be put on life support?  Do they want to remain on life support if they are in a vegetative state?  Is there someone that will pay their rent if they are in a coma?  Do they want the person making those decisions or handling their bank account to be one of their parents?  A College student can empower another person to make those decisions, along with taking care of their finances, and provide guidance for what the college student wants the person to do. 

Estate planning isn’t just for passing on wealth; it can help you plan for when the worst happens and tell those you love what you want to happen if you are unable to - even if you are a college student.