Previously, we discussed getting a Health Care Power of Attorney and a General Durable Power of Attorney for your children before they go to college. Another thing to consider, and talk to your child about, is getting a Will. It?s a personal decision to get one at that age and most college bound students do not have significant property, so a Will might not be necessary.
However, a Will does allow your child to decide for him or herself who gets their property in case something does happen, so it is something worth considering. Unless your children have children of their own, if they pass away without a Will, then you are likely to get most of their property. If you and your child think about it, your child probably has a lot of things that would be better off going to someone else. For example, would you really want your child?s video game collection or might that be better off going to a friend or a sibling?
Talk to your college bound child about a Will. It is not a strict necessity, but some people do want to get them, so make the opportunity available for your child.
The Bonfrisco Law Firm is a member of the American Academy of Estate Planning Attorneys.
Tags: wills
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Source: http://www.njtrustlawyer.com/blog/2012/09/college-planning-part/
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