In our last post, we told you why a Health Care Power of Attorney and a General Durable Power of Attorney are important to get for your children before they go to college. We told you that they are necessary just in case your child gets into an accident. In this post, we are going to discuss what might happen if your child is in a fatal accident and what you might want to do to prepare for that possibility.
Most college students who pass away, do so without having made out a Will. For most of them, that means that their parents will inherit all of their personal property. Most college students have a lot of personal property that their parents do not have much use for. Walk into any college dorm room and you will see it all over the place.
The parents can give this property to other people who might have a use for it. However, most parents do not really know who should get what. It has not been discussed. You can discuss it with your child ahead of time, but that’s not a fun subject. Another option is to have your child discuss it with an estate planning attorney and make out a Will. It’s another thing that your child probably won’t need, but that is nice to have just in case.
- Attorneys Want to Help - December 14, 2016
- Trusts and the Estate Tax - December 14, 2016
- What Is a Third Party Special Needs Trust? - December 14, 2016