Common Mistakes: Preparing Young Adults for College

Preparing to go to college is an exciting time for any young adult. There are a lot of considerations that parents and young adults need to think about as they are preparing for this period of time in their life. However, something that is often overlooked in the shuffle of getting ready for college is the steps that every parent and young adult should take to ensure that they have a comprehensive estate plan in place. This grave mistake is something that can cause complete chaos as a result.

Mistakes to Avoid When Preparing Your Young Adult for College

There are several mistakes that a parent needs to avoid when getting ready to send their child off to college. Here are some key errors that you need to be conscious of:

• Sending your young adult off without estate planning documents

Although it’s understandable that no parent wants to think about anything bad happening to their child, the reality is that you should never send your child off to college without estate planning documents. If your child is over the age of 18, he or she should always have estate planning documents which will help you to assist them financially or health wise in the unfortunate situation where they are unable to make them on their own.

• Not completing a comprehensive estate plan

There are many parents and young adults who make the mistake of thinking that all they need is one estate planning document which is usually a Durable Power of Attorney. However, taking this step is something that should be incredibly short sighted. Instead, you and your child should take advantage of every estate planning document including a Healthcare Power of Attorney, Living Will and a Last will & Testament.

• Neglecting to update your own estate plan

While focusing on their young adult, there are many parents that tend to overlook reviewing their own estate plan. For instance, certain provisions that a parent put in their estate planning documents 10 years ago are likely out of date now. Therefore, it just as important for you to sit down with an estate planning attorney to ensure that everything with your own plan is up to date and according to your wishes.

• Be conscious of life insurance

Life insurance can often play a critical (and often overlooked) role in the estate plan of any individual. There are many parents who opt to take out life insurance on their child when they are under the age of 18. There are many other parents who make the decision to take out life insurance on themselves, at a certain range, specifically when their child is younger. When you initially meet with your estate planning attorney, it’s important that you re-evaluate the life insurance that you have, determine if it’s worth it for you to keep the insurance and confirm that the beneficiary designations are in accordance with the rest of your estate plan. A good rule of thumb is to bring the details of your plan with you when you meet with your attorney so it’s something that can be reviewed on the spot.

Partner with an Experienced Estate Planning Attorney Today

An experienced estate planning attorney will be able to provide you with the guidance that you and your young adult need as you make these life changes. Our team will work closely with you and your young adult to ensure that an estate plan is in place that helps you both feel comfortable and confident as your family takes steps toward this new journey in your life.

When you’re ready to make an appointment, please get in touch with us.