Estate planning might not be the first thing on your mind as a college student, but it’s an effort worth making. It can serve as an important step in clarifying your wishes, so that they will be respected should anything happen to you.
While it’s easy to assume that wills are only necessary for older adults with significant assets, the truth is that drafting a simple will can provide you with greater peace of mind. After all, should you unexpectedly pass away – which is unlikely but could happen to anyone – the state will determine who inherits everything to your name if you don’t have a will in place. And if you’re like most people, leaving your fate in the hands of the government is a situation best avoided.
The basics
As a college student, you may not have extensive assets, but you likely have more than you realize. A simple will allows you to specify who should receive these assets in the event of your passing. Additionally, in a will, you can appoint an executor to manage your estate and work to ensure that your wishes are carried out. Choosing an executor will give you control over who will handle your affairs. Without a designated executor, the court will appoint someone, which could lead to delays and complications.
You’ll also want to consider that many of your most valuable assets might be stored or otherwise only accessible online. A simple will can include instructions for how you’d like your digital assets to be handled after your passing. From social media accounts to email, online subscriptions to intellectual property stored in the Cloud, chances are that you don’t want your digital footprint to be lost or misused in the event of your death.
Although many don’t yet know it, drafting a simple will is an important step for college students. If you’re just starting your adult life, don’t pass up the opportunity to treat estate planning with the mature focus that the task deserves.
