Relevancy of simple estate planning concepts for college students: from a teacher and student perspective.

• Author: McLaughlin, J. Patrick

1. INTRODUCTION

   In any course, say the words "estate planning" and you begin to see the students "tune out" almost immediately. They may take a few notes in case there is a quiz or test questions later, but they ask few, if any, questions about a subject they believe will only become relevant after graduation, marriage, children and lucrative paying jobs. What college students do not realize is that there are certain basic estate planning concepts that are important to them even now. But how do we, as teachers, get them to "connect" with these concepts?

   As a student, we take many classes that are in the general education area, core courses in our discipline area and other concentrated courses for our majors. Realistically, we can see the relevance in some courses where we can see how it will actually affect us currently. Others, it may take much longer to understand the rationale for these required courses. So when it comes to a course with estate planning concepts, it is one of those courses that is difficult to see the immediate use from the student perspective.

2. ESTATE PLANNING CONCEPTS FOR COLLEGE STUDENTS

   Obviously, there are no two courses exactly alike when it comes to the demographics of our students. But there are certain basic estate planning concepts that would fit for all students. These would include a health care directive, power of attorney, life insurance and jointly held property or assets for ease of transfer in case of death.

   The health care directive, sometimes called a living will, provides for the naming of an agent to assist a person with certain health care decisions, including the withdrawal from life support, when that person has been rendered incapable of making their own health care decisions due to accident or health issues.

   A durable power of attorney can be used by a person who needs to have non-health decisions made for them. Oftentimes, this is for financial decisions during hospitalization or other circumstances that make it very difficult or nearly impossible to do these on your own.

   With life insurance, many students have already been either provided with life insurance by their parents or grandparents or, in some cases, have felt it important enough to purchase their own policies due to their circumstances. Of course, the most important decision for most students regarding life insurance will be the best beneficiary designation to accomplish their goals and objectives.

   On providing information on jointly held property or assets, this can include everything from placing names on bank accounts and car titles, to even more important items like real property and investment accounts.

3. RELEVANCY CONNECTIONS TO COLLEGE STUDENTS--TEACHER'S PERSPECTIVE

   Accepting that the aforementioned estate planning concepts are essential to protecting even a college student, how...