Prepare Your Child and Yourself With An Estate Plan Before Heading to College

Why is an estate plan necessary for a young adult about to enter college? As a parent, you want to ensure that your child is prepared for any event that may arise in life. Making an estate plan is one of the most important things you can do as a parent before sending your child off to college. An estate plan will prepare you and your adolescent for any potential challenges or changes that may arise throughout their transition into adulthood. It’s also a good approach to ensure that both of your wishes are followed if something happens while they’re away. Prior to leaving for college, parents and students can have peace of mind knowing that all of their possessions, finances, and most importantly, healthcare decisions are legally protected.

What is a Last Will and Testament, and Why is it necessary?

A Last Will and Testament is a legal document that allows a person to choose how they want their possessions dispersed after death. It also specifies who will care for any minor children and any other instructions the person may have had regarding their inheritance. The major reason for having a Last Will and Testament is to ensure that your wishes are honored and carried out. Without this contract, family members or loved ones may find it difficult or impossible to divide your estate as you would have intended.

Creating a Last Will and Testament before leaving for college is crucial for both parents and young adults because it provides peace of mind knowing that all financial obligations will be met if something happens while the student is away from home. There will also be no uncertainty when it comes time for the court system or probate attorneys to distribute the person’s possessions according to their final intentions if a legitimate Last Will and Testament is in place. This can help avoid costly legal fees, which can save money for surviving family members in the long run.

A last will and testament made before leaving for college can also provide guidance on how to best handle medical decisions if necessary, in conjunction with power of attorney forms created beforehand. This ensures that someone has responsibility over healthcare decisions if they are required while your child is not yet legally responsible enough to make them without parental approval or guidance.

Durable Power of Attorney

A Power of Attorney (POA) is a legal document that permits an individual to delegate authority to another person. This document is useful for making financial, medical, and other decisions. With a POA in place, parents may ensure that their desires are followed even if they are unable to be present for their child while at college.

Having a POA in place prior to attending college is particularly advantageous since it assures that someone you trust has control over healthcare decisions. Furthermore, this document will provide direction on how to appropriately address medical decisions if they become necessary.

It is critical for young adults leaving for college to prepare themselves with appropriate documents such as a Last Will and Testament and Power of Attorney so that both parents and students can have peace of mind knowing that all financial responsibilities will be taken care of if something unforeseen occurs during their time away from home. By preparing these contracts ahead of time, you may ensure that your choices regarding finances and healthcare are honored no matter what happens during your transition into adulthood.

Advanced Healthcare Directive

An Advanced Healthcare Directive (AHCD), also know as a living will, is a legal document that allows people to express their wishes for medical treatment in the event of an unexpected emergency or illness. This document is especially useful for parents and young adults heading off to college, as it ensures that someone has authority over healthcare decisions if necessary.

The AHCD specifies the types of treatments you prefer in specific situations, such as end-of-life care or organ donation preferences. It also identifies your power of attorney, an individual (or more than one) who will have the legal authority to make medical decisions on your behalf if you are unable to do so due to physical or mental incapacity. Establishing an advanced healthcare directive before leaving for college is essential, as it will provide peace of mind knowing that your wishes for medical treatment are known and someone is empowered to implement them.

Having an Advanced Healthcare Directive in place before leaving for college can also help young adults relieve stress by giving them control over any potential health difficulties that may occur during their time away from home. Parents should rest easy knowing that they have done everything necessary ahead of time to preserve their child’s well-being and ensure that their choices regarding how medical decisions should be handled are honored no matter what occurs while they are away.

Creating an Estate Plan and Who to Contact

Making an estate plan may appear to be a daunting undertaking, but it does not have to be. The first step in constructing an estate plan is determining what type of plan you require and what assets will be included in it. Include any real estate assets, investments, bank accounts, insurance policies, and other valuable items like artwork or collectibles. Once you’ve identified all of your assets, you can start thinking about how they should be divided in the event of your death or incapacity.

When selecting who will receive specific assets, it is critical to consider both short-term (such as college tuition) and long-term (such as retirement planning) demands. It’s also critical to include family members and close friends in these decisions if they stand to profit from a piece of your assets. It’s also important to decide who will be able to make decisions on your behalf in the event of incapacity.

After all of this has been determined, it is time to contact an estate planning attorney to ensure that all paperwork is properly created in accordance with state laws and regulations. An attorney can help you write legal documents such as Last Wills and Testaments, trust agreements, Powers of Attorney for Healthcare Decisions, and other important components of an Estate Plan. They can also advise on how to best manage taxes related to transferring assets upon death or incapacity while ensuring that everything is handled correctly.

Filippi Law Firm, P.C. has designed the Young Adult Estate Plan specifically for individuals who are not married, don’t have children and have minimal to no assets. This estate plan is exactly what every young adult should have. You can read in depth about the Young Adult Estate Plan here.

Conclusion

Creating an Estate Plan is a key step for college-bound young adults and their parents. It gives them peace of mind knowing that if something happens while they are away from home, all financial obligations will be honored in accordance with their final intentions. Furthermore, having documents in place such as Last Wills and Testaments and Powers of Attorney can help ensure that healthcare decisions are handled properly if needed.

Parents should collaborate closely with an estate planning attorney to ensure that all relevant legal documentation is properly drafted in accordance with state laws and regulations. This includes Last Wills and Testaments, Trust Agreements, Powers of Attorney for Healthcare Decisions, and Advanced Healthcare Directives, which provide guidance and give you control over any potential issues that may arise while you are away from home. With proper planning ahead of time by both students and parents, this can help avoid costly legal fees down the line, perhaps saving money for surviving family members in the future.