Grades, friends, fraternities and sororities, finals, the future – all things college students may worry about. Words like “Last Will and Testament” and “Durable Power of Attorney” and “estate planning” probably do not even cross their minds. However, that’s too bad. Like anyone else over the age of 18, college students need a good estate plan.
Why Write a Will?
The first reason is because stuff has to go somewhere when its owner passes away. People who feel they don’t need a Will because they don’t own anything are wrong. A small bank account, a skateboard, and a car are all possessions that might become part of estate assets. The best way to make sure your possessions go to the right people is to write a Will.
For example, someone in a relationship might want their property to go to their significant other. Unless that wish is written in a Will, property will pass according to the Rhode Island laws of intestacy. When individuals die without a spouse or children, their property passes to their parents.
In addition, college students who write and sign a Will are also making things a little easier for their parents or other heirs. When a Will is not present, someone must petition the court to be administrator of an estate. This can be a longer process than simply probating a Will. Also, loved ones may disagree over who will serve as personal representative, which creates more stress at an already stressful time.
Someone to Lean On
A durable power of attorney is an important part of an estate plan for college students. The principal, the person signing the power of attorney, names an agent to take over their financial decisions for a time. This may be a short time or for a single event, like buying a car or closing on a house.
However, the agent named in the durable power of attorney may also take over a student’s finances if the student becomes incapacitated for any reason.
A Medical Decisionmaker
People of all ages, even college students, may find themselves unable to actively participate in health care treatment due to a serious injury or illness. Yet someone has to communicate with the doctors.
A durable power of attorney for health care allows anyone, including a college student, to name a trusted person to make medical decisions if necessary.
Everyone Needs an Estate Plan
Learn more about your estate planning options by calling the Lambros Law Office. Our attorneys use their skill and experience to help you craft an estate plan that meets your needs. To schedule an appointment, call us at 401-383-9899 or use our convenient Contact Form. Although located in Cranston, we assist clients throughout Providence and Kent Counties.
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