While the dorm room essentials and extra-curricular activities are typically placed higher on the priority list, estate planning for your college-bound child should also make it to the top of your to-do list.
College is filled with excitement and several opportunities for your child to explore. With a bright future ahead, creating an estate plan can dampen that mood.
Estate planning may not be as exhilarating as decorating the dorm room, but it can be much more beneficial in the event of a loved one's death or inability to care for themselves.
Writing a will is part of the estate planning process, but so are a few other important pieces that individuals often leave out, such as accounting for every asset and wish in order to have your plan executed in the event of you or a loved one’s passing.
You should also ensure that others know you have an estate plan in place and that they understand your precise wishes. This is when having an objective third party, such as an estate planning attorney, can be helpful.
Life is full of twists, turns and unforeseeable events. That is why, at nearly any age, having a written account of assets and direction on how they should be transferred is beneficial to ensuring your last wishes are carried out how you would have wanted.
Older, and even younger, individuals may choose to involve professionals, such as your lawyer, accountant, financial planner, life insurer, banker, broker, etc. so that others are aware of your assets and intents.
An estate plan may look vastly different for a college-bound child versus an eighty-year-old retiree. The following are a few things you should consider including in your child’s estate plan.
Starting and funding a trust is one way to manage and transfer personal assets.
This is a legally binding, signed document declaring who will be allowed to make medical decisions on your behalf.
Having a power of attorney authorizes an individual to make decisions for them, should they become incapacitated.
A living will provides legal instructions for your medical care preferences should you find yourself unable to make them anymore.
Everyone can benefit from having an estate plan in place, including your college-bound child, to ensure that their loved ones appropriately receive their assets upon the most unfortunate of circumstances.
Contact the Law Office of Audra Simovitch today to discuss how you can avoid probate, creditors, loss of assets, and have a smooth transition of assets to your beneficiaries.