You may not think that estate planning has a place on a college campus outside of the university law school or the MBA program. You may wish to rethink that proposition. The vast majority of college students are adults and the remainder are on the cusp of adulthood. Keep in mind, not all estate planning is about protecting vast estates.
Realistically, your concerns in college will relate to getting into the classes you want at the least disruptive times. As a young, invincible college student, you have most likely given zero thought about what will happen if you are in an accident. You may not be able to state your wishes for care and because you are an adult your parents can no longer make the decision. This is why you need an advance health care directive appointing someone to make health decisions for you.
Another aspect of an advance health care directive is the living will. Simply put, this part of the document clearly states your wishes with regard to what life saving procedures you would want. It can also address the issue of organ donation if it has not been previously noted on your driver’s license.
The last thing you are thinking of as a young adult is your will. You may not need to worry about minimizing estates taxes, given that you more than likely would have a small estate. In the event that you do pass away, your parents are already suffering from the most unspeakable tragedy- and, add to that the issue of dealing with the mess you left behind because you didn’t leave a Will. You may not have very much right now, but anything you own, like your car, savings bonds from Aunt Edith, etc. must be left through a Will.
Levine & Furman, LLC is a member of the American Academy of Estate Planning Attorneys.