College students often continue to rely on their parents even while away at school. Parents may be helping pay for college, providing sending spending money and even free laundry service when the student comes home for breaks.
But not everyone maintains a financial and close personal relationship with their family once they turn 18 and become an adult. For various reasons, some families become estranged and children may decide to cut ties when they move out of the family home. In either case, there are good arguments to be made for why college students should create a will.
If you are a college student, a will may seem like something you’ll never need. But because you are now an adult, it is important to make arrangements for your money and assets in the unlikely event of your death. Otherwise, your money and assets will be distributed according to state law.
Generally, when someone dies intestate (without a will), their assets are given to their spouse and children. If the person has no kids and is unmarried, his parents generally inherit everything.
If you are estranged from your family or simply have different wishes for where your assets should go, it is important to document these intentions by drafting a will. A common example would be naming a long-time girlfriend or boyfriend to whom you are committed but have not yet married.
Thinking about and preparing for the “what ifs” in life seems like a low priority when you’re feeling young and invincible. But drafting a will now could give you piece of mind and make it easier to create a more thorough estate plan as circumstances change.
Source: The Collegian, “Wills usually not necessary for students but can be helpful,” Hannah Hunsinger, April 1, 2014