Do College Students Need a Will, Power of Attorney, or Healthcare Directive?
School will be back in session soon, and now is the time that many college students are gearing up to head back to campus. As part of the back to school process, I recommend that college students consider executing some estate planning documents. The vast majority of college students don’t do any type of estate planning, mainly for financial reasons, and probably because they think that since they don’t have much property or wealth anyway, there’s no reason to do the documents.
However, estate planning can be critical for college students. For most of my clients, I recommend three forms – a will, a power of attorney, and a Georgia Advance Directive for Healthcare. For college students in particular, the last two of those forms can be vitally important. A power of attorney and a healthcare directive are intended to be used while you are living but unable to make decisions for yourself about finances or healthcare. Without them, parents of students who are injured in an accident would have to petition a court in a lengthy process to obtain a guardianship or a conservatorship over the college student in order to handle their child’s affairs during his or her incapacitation. I don’t have any statistics available, but my practical experience tells me that those two forms, which are less expensive to prepare than a will, are used more often for typical college students than a will would be.
Are you a college student who feels you may need a will, power of attorney, or healthcare directive in the event the unimaginable happens? Call Sarah White, Cobb County estate planning attorney at 678-453-6490 to learn more about what you may need. Turnaround time can be quick and low cost packages are available.