Investments

Make your wishes known

Date 2/26/2004 12:00 AM | Topic: Features

Most students think of college as the best time of their lives. There aren't many real life concerns on your mind, besides "when is my Paideia paper due?" or "is it orange day in the caf again?" However, death can be a very real possibility for college students.

To best prepare what happens to your assets, you should write a will. Most of us have heard of wills on movies or television shows, where someone gets an inheritance check or an old house. But realistically, wills are the only way to decide who will get your material possessions, whatever they may be.

"I've written one, and I'm glad I did," said Solomon Gould ('06). "After losing five friends during my years in high school, I've realized that death can come at any moment. I want people to know what my wishes are, should something like that happen to me. The only way you can do that, practically and legally, is through a will. I think more people should give thought to writing one."

"Everyone should write a will, just for their own personal protection," said Gary Mick, an attorney in Guttenberg, Iowa.

When a college-age person writes a will, most often the beneficiaries are the parents. If the parents are already dead, then the will just goes down the bloodline: first to your siblings, then your relatives. If no relatives can be tracked down, your possessions become the property of the state.

"Most college students don't ever think to write a will," said Mick, "because they don't have enough property to make it worthwhile. In addition to that, the things that they own (computer, car, etc.) might be held in dual ownership with the parents, so those items automatically turn over to them."

A certified attorney-at-law can write a professional will. There are also "do-it-yourself" kits available in stores, or Internet forms that you can complete to create your own will. Most lawyers advise against this.

"For what a will costs to write, you should get it done professionally. It is not much more expensive than a kit, and is almost always done in a better way," said Dale Putnam, an attorney-at law in Decorah. His average writing fee for a college student's will is only $35.

The problems with the "do-it-yourself" kits are numerous, but most of the problems involve witnesses.

"A will can't become legal standard without witnesses," said Putnam.

The state of Iowa requires that two witnesses be present at the signing of the will, and most states require at least that many, if not more.

The witnesses to the signing of the will must be non-partial or related adults.

"A beneficiary in the will cannot be a witness. If beneficiaries were witnesses, all wills would be highly questionable, especially if the will contained something in the witnesses favor," said Putnam.

After the writer and the two witnesses sign the will, it must be notarized immediately. A notary is a person with a legal ability to confirm the validity of the will. Notaries must be present at the time of the signing for the will to be valid.

When asked if he wrote many wills for college-age students, Putnam replied, "It happens mostly in situations of students who already have their own children. If you are in college and have a child, you need to write a will for their protection, if something should happen to you."

The other situation most common for students writing wills usually involves previous inheritance.

"If a student already has a lot of funds or property at their disposal from a previous will, it is best if they write one," said Putnam.

"Most often," said Putnam, "students who receive property or money in a will get their full inheritance over a period of years."

"It is usually standard for a student to receive a certain portion of the inheritance when they turn 18, and then every few years following that," said Putnam. "When you receive those assets, you should also have a plan where they should go, in case of death."

In a will, students can make specific bequests, which are requests as to what they want given to a certain person.

Wills should be updated every few years.

"It isn't uncommon to have people come in after three years and want to change their specific bequests, or who they want in charge of their finances," said Putnam.

"I've never thought about it," said Chantel Olufsen ('07). "College just seems like a time when you should be focused on your present life, and not death. I believe in communicating with your parents and informing them of what you would want done. I can see why it would be a worthwhile thing to do though."

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Items to include ()

Your will is customized based on your local jurisdiction and on the answers you provide. Depending on your situation, it may include the following sections:

. Revocation
. Identification of Family
. Express Disinheritance Executors
. Payment of Debts
. Payment of Taxes
. Property to Trustee
. Distribution of Property
. Specific Gifts
. Residue
. Alternate Residue
. Payments for Minors
. Holding for Minors
. Trusts
. Power of the Executor
. Investments
. Payments to Charities
. Distribution in Kind
. Real Estate
. Settlement of Claims
. Professional Advisors Agency
. Exoneration
. Limiting Interest
. Trustee Compensation
. Guardians of Children
. Noncontestability

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Fred Smith

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