Often, people think of older adults when they picture the type of person who sets up an estate plan. However, estate planning can offer a number of benefits for college students (as well as their parents) and these plans can be very helpful for people at a younger age. Whether you are currently attending college, plan on starting in the fall or have a child who is in college, it is important to look into the benefits of setting up an estate plan and take action if you are interested in the perks associated with estate plans.
First, it is imperative to review the different estate planning options that are available. For some college students, a simple revocable trust is ideal, but there are many other options on the table. College students may want to look into a healthcare power of attorney and financial power of attorney. After all, people can become incapacitated for various reasons regardless of their age, whether they suffer an unexpected health crisis or are involved in a devastating accident.
Some people think of estate planning as a complicated, time-consuming and stressful process, but it can be relatively straightforward. Everyone is in a unique position when it comes to their estate plan and there are a number of issues that may need to be reviewed in closer detail for college students. Many students enjoy taking a break from classes over the summer and this can be a great time to set up an estate plan if you are in college.