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Why Would a College Student Need an Estate Plan?

Loune-Djenia Askew, Esq.

Oct 18, 2024

Once a person turns 18, they are legally considered an adult. This means their parents no longer have automatic access to medical or financial information. Estate planning involves preparing for the management and distribution of your assets if something happens to you, such as an illness or death.

Once a person turns 18, they are legally considered an adult. This means their parents no longer have automatic access to medical or financial information. Estate planning involves preparing for the management and distribution of your assets if something happens to you, such as an illness or death. It’s not just about money—it also includes healthcare directives, digital accounts, and even decisions about who cares for pets.


Why Estate Planning Is Important for College Students

  • Asset Protection: Even if you don’t own a house or have a large savings account, you likely have assets like a bank account, a car, or personal belongings. An estate plan ensures these are handled according to your wishes.

  

  • Healthcare Decisions: Accidents or health emergencies can happen. Having a healthcare proxy in place allows someone you trust to make medical decisions for you if you can’t make them yourself. This is especially helpful if you're far from home and your parents don’t automatically have access to your medical information.


  • Digital Assets: Students today have a lot of personal information stored online—like email, social media, and cloud accounts. An estate plan can include who should manage or close these accounts in case of incapacity or death.


  • Guardianship for Dependents: If you have children or even pets, an estate plan can ensure there’s someone designated to take care of them.


Legal Benefits of an Estate Plan

  • Peace of Mind: Having an estate plan means your loved ones won’t have to make tough decisions or deal with legal complications during a crisis.


  • Avoiding Legal Issues: Without an estate plan, state laws decide how your assets are distributed, which can cause delays or disagreements.


It’s a good idea to talk to an estate planning attorney who can guide you through the process. At a minimum, every college student should have a will, a healthcare proxy, and a durable power of attorney.


While estate planning may not be the first thing on a college student’s mind, it’s a smart move that can bring peace of mind and protect them in case of emergencies. Starting early and being prepared is key to ensuring that their future is protected.


For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.


Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.

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