As some colleges prepare to reopen in the next couple of months, college students are beginning to compile their to-do lists. If your child is moving into college, you may be helping them gather all the necessary materials, like their bedding and furniture, and perhaps some paperwork they need to fill out beforehand.

The question is, have you thought about the estate planning documents for your college student?

Estate planning is often thought of as something older people need to ensure their (i) health care decisions and assets are managed should they become incompetent and (ii) assets are properly distributed after their death. While this is true, many parents and their children do not realize what happens the day a child turns 18. Legally, the child is now an adult.
 

Probate is the legal process of administering and settling a person’s estate after they pass, under the supervision of the Register of Wills and Orphans’ Court of the county where they lived. The probate process exists for three main reasons:

1. To validate the deceased person’s Will and prevent fraud;
2. To settle the deceased person’s debts, including taxes; and
3. To distribute the deceased person’s assets to the intended recipients named in their Will.

If a deceased person does not have a Will, the probate process ensures that assets pass to the deceased person’s intestate heirs.  If you die without a Will, instead of you choosing your beneficiaries, there are Maryland statutes that dictate the beneficiaries of your estate.