Estate planning is often thought of as a task for older individuals or those with significant assets, but in reality, everyone can benefit from having an estate plan in place, including college students. While young adults may not have accumulated much wealth yet, they still need to consider how their assets and belongings will be distributed in the event of their unexpected death. Here are some reasons why estate planning is important for college kids.
Protecting Yourself and Your Family
The unexpected can happen at any time, and no one is invincible. Having an estate plan in place ensures that you have a say in what happens to your assets and belongings in the event of your untimely death. If you don’t have a plan, the courts will decide who gets what, and it may not be in line with your wishes. Additionally, having an estate plan can provide peace of mind for your loved ones, knowing that your affairs are in order.
Avoiding Legal Battles
Without a will or estate plan, your family and loved ones may have to go through the lengthy and expensive probate process to distribute your assets. This can be a stressful and emotionally draining experience for those left behind. Having a clear estate plan in place can help avoid legal battles and make the process of distributing your assets easier and more efficient.
Naming Beneficiaries
When you create an estate plan, you’ll have the opportunity to name beneficiaries for your assets. This can include bank accounts, investments, and personal property such as jewelry or artwork. Naming beneficiaries ensures that your assets go to the people you choose, and can also help avoid conflicts among family members over who gets what.
Healthcare Decisions
An estate plan also allows you to make decisions about your healthcare in the event that you are unable to do so yourself. You can appoint someone you trust to make medical decisions on your behalf, or specify your wishes regarding life support, organ donation, and other medical treatments. Having these decisions made ahead of time can help ease the burden on your loved ones during a difficult time.
Protecting Your Digital Assets
In today’s digital age, many of us have valuable assets stored online, such as social media accounts, digital photos, and cryptocurrency. Without a plan in place, these assets may be lost or inaccessible to your loved ones after your death. Including digital assets in your estate plan can ensure that they are properly passed on to your beneficiaries.
Estate planning is important for college kids as well as their parents. It may not need to be revisited for some time, but it can create peace of mind, in the event of any accident, health crisis, or other unforeseen circumstance. Creating an estate plan early on can help protect yourself and your family, avoid legal battles, name beneficiaries, make important healthcare decisions, and protect your digital assets. Even if you don’t have a lot of assets yet, having a plan in place can provide peace of mind and ensure that your affairs are handled according to your wishes. Don’t wait until it’s too late – start estate planning today.
If you’d like more information on why estate planning is important for college kids and parents, download our free legal guides: For Single People and For Family Protection. It’s a relatively easy way to ensure you and your family are all on the same page and that you have the legal documents you need. Contact us today to schedule a free discovery call.