Estate Planning For College Students Heading Back To School
Time goes fast throughout the year, but particularly so in the summer. Before you know it, children will be heading back to school. If you are a parent and have college-age students, one of the most important tasks you can help them complete now is estate planning. Putting the appropriate legal documents in place can help to protect them and you in case unexpected events happen. Our Tampa estate planning lawyer explains common areas to address.
Helping College-Age Children Put An Estate Plan In Place
Estate planning is something not often associated with children. However, if they are old enough to go off to college, they are old enough to have an estate plan. Unexpected events can happen and having estate planning documents in place can make a major difference in how your family gets through certain types of situations.
Unfortunately, the Centers for Disease Control and Prevention (CDC) reports that young people are among the most at risk for accidental injuries. Living in crowded dorms and walking through busy college campuses also poses risks in terms of serious illnesses. To protect them in the event anything happens, take these steps:
- Designate a power of attorney: In the event of an accident that leaves them incapacitated, this allows you to handle school-related issues, student loans, or other important matters on their behalf.
- Create advance directives: These communicate their wishes regarding medical care and treatment in the event they are unable to communicate themselves and prevents having to guess what they would want.
- Create a will: College students often have few tangible assets. However, they likely have a vehicle, a certain amount of money in bank accounts, items that have personal meaning to them and others, as well as websites and other online activities. Creating a will allows them to specify how they want these things to be handled or distributed. It also helps avoid potentially lengthy Hillsborough County Probate Court proceedings.
Updating Your Estate Plan For College-Age Students
In addition to encouraging your college-age student to create an estate plan, this is a good time to update your own. Consider the following areas:
- Your will: Make sure it reflects your current financial situation, any births, deaths, marriages, or divorces in your family, and significant changes in assets.
- Power of attorney: Acting as power of attorney can be time-consuming and complex. If you have assigned your college student this role, consider how it could impact their ability to pursue higher education.
- A trust: If something happens to you, a trust can encourage them to remain in school by designating specific funds for housing, tuition, books, and other educational costs.
Discuss The Options With Our Tampa Estate Planning Lawyer
Estate planning is an important issue to address with college-age children and can help protect them and your family in case of unexpected events. At Bubley & Bubley, P.A., we can guide you in the options available. To request a consultation, call or contact our Tampa estate planning lawyer today.