Perhaps estate planning should be part of the preparation for college.
People should consider seeing an estate planning attorney as part of their college preparations, according to the Financial Advisor in "College Students Need A Power of Attorney." At the very least, this should be done to obtain a power of attorney.
It is not that something will happen to new college students. However, it could. Consequently, it is best to be adequately prepared.
For most people, as they grew up, they never had to worry too much about what would happen if they had a serious accident.
If anything did happen, then their parents would be able to manage everything.
That changes once students are adults.
Parents cannot legally do things such as take money out of a bank account to pay bills or make medical decisions, if necessary.
Therefore, how do parents get that legal authority?
The young adults in their life should sign powers of attorney giving them (or someone else) the ability to manage things, in the event there is an accident or illness causing incapacity.
For help with this planning, contact us today.
Reference: Financial Advisor (Aug. 22, 2017) "College Students Need A Power of Attorney."