Estate planning is not just for the over-60 crowd. In fact, estate planning documents affects people of every age. Looking at every stage of life, it’s easy to see how documents like Wills or trusts make a difference.
Minors do not need to sign Wills or other estate planning documents. According to Minnesota law, a person is not legally competent to sign a Will until age 18.
Children do need parents and guardianship who have taken the time to prepare and maintain their own estate plans. Parents typically use their Will to name guardians to care for their children if they pass away while they are still minors. Trusts may be established that protect a child’s inheritance, provide much-needed support for the future needs of a disabled child, or offer financial support in adulthood.
After age 18, many kids leave for college, start working, or get married and become parents themselves. Estate planning is usually the last thing on a young person’s mind, but it is still an important, ‘grownup’ thing to do.
At this point, most young adults have some personal property and at least one bank account. If they die without having an estate plan, Minnesota intestate succession laws determine what happens to most of their property. Property titled with a joint owner or which pass through beneficiary designations may be exceptions to this.
Who will be authorized to handle an incapacitated person’s financial affairs if that person has not signed a durable power of attorney? And without health care directives, a young adult’s loved ones may have to go to court to gain the right to make necessary medical decisions.
No one wants to think about dying or becoming incapacitated. However, unintentional injuries remain a leading cause of death for almost every demographic group, including young adults.
Many of the reasons given for young adults to have an estate plan remain true for older adults also. However, middle aged adults may also need to focus on saving for retirement, if they have not done so already. Incapacity planning is a concern since long-term care is expensive.
Asset protection and tax reduction strategies may also become more important during this time in life.
Paying for long-term care is usually a big concern for older adults. In addition, end-of-life decisions and legacy are of interest. Estate planning handles all of these concerns. For example, senior adults may look into establishing trusts for asset protection and Medicaid planning. A healthcare directive gives seniors the chance to state how they want medical treatment and end-of-life decisions to be handled. And an ethical Will, while not a legal document, provides a senior’s family with a wealth of family history.
Estate Plans Adapt to Our Changing Lifestyles.
It’s important to start your estate planning early and keep it updated throughout your life. If you currently have an estate plan, review it to make sure it still meets your needs. Don’t have an estate plan yet? There’s no time like the present.
The experienced estate planning attorney at Virtus Law have what it takes to assist with your questions and concerns. Please contact us by calling 612.888.1000 or emailing us at email@example.com. Our main office is in Minneapolis, with other offices located in Maplewood, Cambridge, Edina, Mendota Heights, and Red Wing.