Skip to content
  • Visit Our Office
  • (612) 888-1000
  • info@virtuslaw.com
logo
  • About Us
    • Staff
    • Hours & Locations
    • Testimonials
  • Practice Areas
    • Asset Protection
    • Business and Corporate Law
    • Business Succession
    • Debtor/Creditor Relations
    • Estate Planning
    • Income Tax Planning
    • Managed Service Providers and Technology
    • Probate
    • Real Estate
  • Attorneys
    • Thomas M. Fafinski
    • Nathan W. Nelson
    • Steven V. Rose
    • Peter L. Crema Jr
    • Mitchell Cervenka
    • Julia Lavigne
    • Eduardo Aburto Ortiz
  • Articles
  • News
  • Contact Us
estate planning for all ages

Estate Planning at Any Age

March 19, 2019Virtus LawNo CommentsCategories: ArticlesTags: Durable Power of Attorney, Estate Planning, Middle Age Adults, Senior Citizens, Will, Young Adults

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.

Children

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.

Young Adults

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.

Middle Age

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.

Senior Citizens

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 info@virtuslaw.com. Our main office is in Minneapolis, with other offices located in Maplewood, Cambridge, Edina, Mendota Heights, and Red Wing.

Share this:

Post navigation

Previous Post
Next Post

Categories

  • Articles
  • Business
  • Estate Planning
  • News
  • Podcasts
  • Press Release
  • Real Estate
  • Tax
  • Technology

Tags

Acquisition Agreement Asset Asset Protection Business Business Entity Business Law Buy-sell Agreements Contract Copyright Corporations Cyber Security Durable Power of Attorney Employees Estate Plan Estate Planning Estate Tax Financial Advisors Health Care Directive Healthcare Power of Attorney Intellectual Property IRS IT Managed Service Provider LLC MA Managed Service Provider Master Service Agreement Mergers and Acquisitions Minnesota Business Lawyer Minnesota Estate Planning Minnesota Law MSA MSP Non-disclosure Agreement Partnership Peer Group Probate Real Estate Small Business Tax Technology Trademark Trust Wealthcounsel Will
Contact Us
  • Call Us Now
    (612) 888-1000
  • Send A Message
    info@virtuslaw.com
  • Visit Our Office
    Office Locations
Business Hours
Opening Days :

Monday – Friday : 8:30 am to 5:00 pm

Vacations:

All Official Holidays

Practice Areas
  • Business and Corporate Law
  • Probate
  • Business Succession
  • Debtor/Creditor Relations
  • Estate Planning
  • Income Tax Planning
  • Managed Service Providers and Technology
  • Asset Protection
  • Real Estate
About Virtus

Virtus Law focuses on generating a return on your investment in legal services.

Each client situation is unique and the path to accomplishing a return on the investment needs to be tailored to each client situation.

Virtus Law © All Rights Reserved

Schedule A Callback

Schedule A Callback

Not able to find the information your looking for? Fill out the form below to schedule a callback from the Virtus Law staff.