College is an exciting time for young adults. It’s one of their first major steps towards adulthood and with it comes adult responsibilities. To make the transition easier, parents should sit down with their college kids and come up with an estate plan. This will ease any parental concerns and let the student live their college life to the fullest!
As college students around the country settle into their spring semesters, the last thing on their minds is how their minds is creating an estate plan or will – spring break is a stretch. Estate planning is uncharted territory for most college students. As a child, these are all duties parents automatically assume, but depending on a number of factors such as family dynamics, this could have disastrous consequences.. In New York, the age of majority is set at 18. This means anyone 18 and over has the legal right to make decisions regarding privacy, health/medical concerns, and finances without parental consent.
With than in mind, it is crucial for college students to devise some sort of plan that dictates where any assets will go, who is allowed to make medical decisions for them, and who has control/input over their private affairs. There are several things young students should consider including a living will/HIPPA, educational privacy agreements, and financial power of attorney. Deciding on some of these key things early in life will make the future much less complicated and is a good step towards having a successful adulthood.