Law Office of Randy Michel
College Station, TX
979-764-2435 or
Menu Contact
View Our Practice Areas

Why college students should consider estate planning

Two months into their college experience, many college freshmen have no concept of estate planning. After all, their priorities are vastly different from those nearing retirement age, or people who are in the prime of their careers.

Nevertheless, it is important for young people to consider their estate plan, even if they don’t have the money that traditional estate planning clients have. There are several reasons behind this. 

First, parents of college students may be surprised that they may not have access to an injured child’s medical records or be able to make decisions about their treatment. (After all, they are no longer minor children after turning 18). Because of this, it is important to have a health care directive or a document that establishes a parent as a health care proxy who can make decisions for an incapacitated adult child.

Also, a college student will have a number of financial transactions that would have be monitored in the event that he or she becomes incapacitated. This may include payment of rent, making car payments or even maintaining insurance. A simple power of attorney can help a parent step in and make financial decisions on their child’s behalf in case the unthinkable happens.

Further, a student may have a bevy of digital assets, such as a Twitter account, an ITunes account as well as Facebook and email accounts. These assets may have passwords that protect access to them, and more importantly, the companies that support these accounts may not have established procedures for passing on such assets. As such, a student may want to establish a simple will to protect these assets.

Source: WSJ.com, Why your college-aged child needs an estate plan, September 21, 2013

No Comments

Leave a comment
Comment Information

Our Location

Law Office of Randy Michel
232 Southwest Parkway East
College Station, TX 77840

Phone: 979-314-2965
Phone: 979-764-2435
Fax: 979-764-2436
Map & Directions

EMAIL US FOR A RESPONSE

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close