Wills for College Students. Do college students really need a will at this point in their lives? Why or why not? What probably would happen to the typical college student’s assets if he or she...
Wills for College Students. Do college students really need a will at this point in their lives? Why or why not? What probably would happen to the typical college student’s assets if he or she died without a will?
Choosing an Executor. What are some criteria that you would use to select the executor for your estate or the guardian for your children if you and your spouse or significant other died at the same time?
Although the chances that you will actually need a will as a college student are fairly low, having one is like buying car or medical insurance. When you do need it, the need is urgent.
The first reason you need a will is that if you die intestate your estate may pay higher taxes. Also, you have no choice about what happens to your estate but instead the estate would be distributed according to local laws, usually to your surviving spouse or other blood relatives (laws vary depending on country -- and state in the United States). Your will also allows you to make choices about important issues such as organ donation, burial, and whether extraordinary measures should be taken to keep you alive if you end up brain-dead or in a coma.
Because an executor needs to deal with a fair amount of legal paperwork, you should either choose someone with legal training or a responsible adult who is comfortable working through the practical issues. You also should choose someone you feel would be comfortable in carrying out your decisions.
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