Writing a will is not something you may be planning when you’re in college. You’re young and want to have fun, and the idea of preparing for your passing is the last one you want to think of. But the truth is that you’re already an adult when you enter a degree program, meaning you have the power to decide for your own life and future. Therefore, you can also consider creating an estate plan and writing a will.
Do you need to write a will, though? How can writing a will so early help you? Here’s all you need to know about creating a will as a college student.
Why College Students Should Write Wills
Why would you start working on your will from such an early age? While it may not seem so, writing a will as a college student has its own benefits. Here are some of them:
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You’re Not Immune
Just because you are young doesn’t mean you are immune to sickness or death. Unexpected things can happen all the time, and if you end up sick or if you pass away unexpectedly, you want your things to be well taken care of. Without a will, the parents will have a very hard time administering your valuables.
So, writing a will or even simply drafting some documents that list your wishes if you become sick, incapacitated, or pass away may be handy. This way, your loved ones will know what they should do with your stuff.
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You Get to Practice
Even if you’ll make it safely to old age, writing a will while in college serves as great practice for later. Nobody knows how to write a will right away, and this can often lead to severe errors. But if you begin this process as a young individual, you’ll have enough time to understand what a will should look like and what mistakes should be fixed in these documents.
Then, as you get older, you’ll be able to update your will until it reaches the perfect form.
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You Have a Say in What Happens in the Future
When you turn 18, you are ready to face the world as an adult. You’re suddenly able to sign legal documents and vote. So, you will also have the power to decide what happens to your assets in the future.
Planning for the future is not something limited to elderly or sick people – anyone who has reached the age of adulthood can do it. By writing the will early, you have a say over what happens to your assets and healthcare options.
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Your Parents Can Access Financial Information and Medical Records
If they need to, your parents will be able to access financial information and medical records if you have a will in place that details these aspects.
Once a child turns 18, the parents can no longer decide what happens to them in terms of healthcare. If someone’s adult child is in an emergency, HIPAA provisions will not allow parents to access important medical information. This can be devastating when the student needs help. Luckily, the child can determine whether the parents can access medical information in case of an emergency by writing it in their will.
Besides, if the parents need to act on their child’s behalf and must take care of financial aspects, it will be hard to gain access to financial records without a will in place. This is another reason why a will should be considered as soon as the student reaches adulthood.
What Should Your Will Include?
Here are some essential documents that you’ll need to craft your will:
- Healthcare Power of Attorney – With healthcare POAs, an individual can be named to act as an agent with the power and authority to make healthcare decisions for the student. The person with power of attorney will be able to decide on what doctors will handle the situation.
- HIPAA Authorization – HIPAA Authorization will make doctors and different healthcare professionals legally obligated to share medical information about the student’s condition with authorized individuals. This matters as it may come in handy when it comes to making decisions on behalf of the child.
- Durable Power of Attorney – With Durable POA, a person can make decisions on the student’s behalf that are not related to healthcare.
Final Thoughts
Writing a will early means you will be able to decide what happens to your assets and to yourself in advance. It can be difficult, but each state has experts that can help you navigate this process. For example, if you live in Texas, there are plenty of specialists here that can aid anyone in writing their wills. Reach out to Houston estate planning lawyers and they’ll do everything they can to make sure you write the perfect will.
