by Jonathan A. Nelson
Dinnertime conversation in a lawyer's house can get interesting. I have had to deal with whether it is accurate to call it "mom’s and dad's house" when it's in a trust, and whether an 8-year-old having a will would protect baseball cards and Legos (it can't - you have to be 18 or emancipated to sign a will; I may address estates of minors in a later post, but legal involvement is unusual). Taking the spirit of those discussions, though, we will look briefly at a few stages in life and the documents that are often helpful as life changes. Every situation is unique, and if we talk we will assess how your particular needs can best be met.
For college students with few assets and usually a lot of debt, often the most useful estate planning documents are a Durable General Power of Attorney and an Advance Medical Directive. For a college student, these are frequently made out to mom or dad. The Power of Attorney is really useful if the student gets into something over their head ("I have a big final tomorrow and my car was just impounded"), needs help moving money around (including for tuition), needs information for financial aid, or wants assistance handling transactions back home. The Medical Directive makes sure that the right person is designated to make emergency medical decisions regardless of what state the school is in, and provides access to medical history information that may be important to making those decisions intelligently.
Some instances where a will is helpful at this age are: adverse relationships with a parent or other family situations, assets requiring special or timely administration, inherited or contingent assets, or debts where the creditor needs to be prevented from controlling the estate. But generally, with few assets and parents being the heirs-at-law (and likely co-signers on debts), a will won’t usually change a lot compared to the default laws during this stage of life.
Next in this series: Professional Singles
Virginia attorney Jonathan A. Nelson uses his extensive legal knowledge and trial experience to resolve conflicts, negotiate settlements, navigate compliance matters, and vigorously advocate in the courtroom in order to achieve the best possible outcomes for his clients. He practices in estate planning, probate, trust and estate administration, corporate law, and civil litigation related to these fields.
The attorneys of Smith Pugh & Nelson, PLC, offer the experienced counsel, personal attention, and customized legal services needed to address the many complex issues surrounding estate planning, probate, and trust administration. Contact us at (703) 777-6084 to schedule a consultation.