Written by Robert T. Nickerson
Upon scrolling through your Facebook and Instagram feed each spring to see posts about parents and their child's acceptance into college. It's an exciting time for them and the next chapter in both their lives. The children are growing up and the parents are going to face a new challenge of guiding that.
What this also means are the new things parents are going to want to help in; suggesting college majors and classes, getting the right dorm room, making sure they'll get a long with their roommates, maybe encourage them to join a fraternity & sorority. It's a lot to consider with the possibilities, but it's no secret that parents will also think about losing control of their child once they become independent on their eighteenth birthday.
Many parents will have not considered an estate plan yet at this point, as they'll assume they need to wait until their older or wealthier. There are many reasons why estate planning should be thought about when their child is going off to college.
Estate Planning is more then a will. Estate Plans will contain a bunch of documents that are legal binding and play a part in a variety of life events. One of them is a will and end of life plans. It may also be wise to think about healthcare proxies, a durable power of attorney, and a living will before they go off. But does this all mean?
Jeffrey C. Nickerson - Estate Planning Attorney - My Passion is Special Needs Planning!