Our last post was about what can happen if your college bound child gets into an accident and is incapacitated. We told you that you should get a Health Care Power of Attorney and a General Durable Power of Attorney ahead of time, so that you, or someone else, can handle the child’s affairs. That information is worth repeating, but this time we are going to tell you why you might also want to get a Will for your college bound student.
No parent wants to think about it, but the truth is that college students do pass away in accidents and from illnesses. It happens. In the absence of a Will, that means that all of the students’ property goes to their closest living relatives. Most of the time, this actually means that the students’ parents get everything, even all of that property that the parents have been calling “junk” for years.
Most parents have no use for a lot of this property. They either give it away or throw it away eventually. However, if the student has a Will, then the student can decide who that property should go to. Maybe, that World of Warcraft figurine can go to a friend instead of Mom and Dad. Talk to an estate planning attorney about getting a Will for your college bound children so that you do not get stuck with their junk.
- Thought of the Day - November 29, 2023
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