Category: College
Smart Estate Planning in College
Many people think that estate planning is only for older people – but it actually starts as early as college! When most students go to college, they are adults. This means they can take out loans, manage their time and course load, and generally make decisions for themselves. It also means that their parents are often surprised by how little control they have over their children's lives. While parents' lack of access to grades and other information can be frustrating, if children have not considered their estate planning, the surprises can be far more serious. Besides being the provider of food, housing, and often transportation, parents are the "natural guardians" over minor children. This means they are their child's legal representative and can act on behalf of their children in financial and personal matters. For example, if a minor child falls off a trampoline and breaks their arm, their parents can legally make medical decisions on behalf of the child. The same goes for financial matters. Parents can open financial accounts for their minor children, apply for life insurance, and so on. When those children turn 18, their parents' power over them stops. If an adult child is incapacitated in a car accident, their parents cannot, by default, make health care decisions for the child. The same goes for financial matters. So, what do parents and college kids need to consider to protect themselves in these s
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