When Packing for Back to College, Don’t Forget Your Estate Plan!
With Back to College season in full swing, students are getting their last-minute packing in—shower shoes, mattress toppers, textbooks. . . the list goes on. But is there something missing from this packing list? According to estate planning attorneys and professionals, yes! Estate planning might seem like only a necessary precaution for older individuals, but this is far from the truth. Everyone can benefit from a well-crafted estate plan. This is especially true during major life events, such as graduating high school and beginning secondary education.
Will. To begin, you might want to consider a will—depending on your circumstances. In the extremely unfortunate event that you were to die, a will would protect your interests in passing your assets to whose whom you want to have them. While there are default rules of succession when you die without a will, it is best practice to avoid dying intestate (i.e., without a will) because these default rules may not accurately reflect your true wishes. Accordingly, a will is suggested—even as young as 18 years old—to provide peace of mind that your wishes will be honored and your loved ones will not have additional worries if you were to pass away at a young age.