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In this segment of the tutorial, Mike Bernard, host of the Wise Money Show and certified financial planner, discusses the importance of estate planning for college students. He emphasizes that while they may not need a comprehensive estate plan, certain components are essential. Bernard shares a personal anecdote from his college experience, highlighting a night when a friend experienced severe abdominal pain. This story sets the stage for understanding the unpredictability of life events and underscores the necessity for students to consider basic aspects of estate planning to protect themselves and their assets.