One of the primary aims of college experience is to set young people up for brighter futures. This aim can be achieved in any number of ways. And not all of these experiences happen inside classrooms and libraries. New relationships, travel, joining clubs and generally experimenting with one’s freedom can all be instructive.
Yet, all too often, young adults take the new freedom that allows them to develop experience – and even wisdom – for granted. Challenges on their pathways forward can occur in the blink of an eye. If they don’t have certain legal documents in place, their wishes concerning how they want their interests addressed could remain unknown or be dismissed.
Although it might seem premature to think about estate planning at a young age, having a basic estate plan in place can help protect a student’s interests and provide peace of mind for both them and their families.
Protecting assets is only one estate planning concern
One of the most important components of an estate plan for college students is a healthcare directive or medical power of attorney. This document allows a designated person, usually a parent or trusted family member, to make medical decisions on behalf of the student if they become incapacitated or unable to communicate their wishes. In a medical emergency, doctors are limited in what they can discuss with anyone other than a patient due to privacy laws. Having a healthcare directive in place helps ensure that someone who knows and cares about the student’s preferences can make critical healthcare decisions if they become too ill or injured to advocate for their own interests.
Additionally, while most college students today do not own much physical property, they generally have control over their extensive digital lives, including social media accounts, email, online banking and digital subscriptions. A digital assets provision in an estate plan can designate who has access to these accounts and how they should be managed in the event of the student’s death or incapacitation. This can prevent confusion and protect the student’s online privacy and digital legacy accordingly.
Estate planning is an undoubtedly important effort that older adults need to make if they haven’t done so already. However, there are also undeniably important reasons for adults to start estate planning during their college years whenever possible, and these are just a few of them.
