Even though many people believe that estate planning should only be considered by older adults, there are some particular reasons why younger individuals should begin estate planning. Each year, a large number of young adults in North Dakota and Minnesota experience unforeseen events that would greatly benefit from the existence of estate planning tools. The proper use of these tools can help with issues involving incapacitation, guardianship of minor children, caring for elderly individuals, charity donation, and more. This article will review some of the important reasons why younger individuals should consider using estate planning tools sooner rather than later.
Guardianship of Minor Children
A young parent who wants to select who receives guardianship of children in the event of the parent’s death can benefit by naming a guardian in the event of his or her death. Selecting a guardian can be a difficult decision for parents. If a parent fails to name someone, however, the court will appoint someone to act as the guardian of minor children.
Personal Representatives can be Appointed
A person can leave details in their estate plans regarding how assets should be distributed and debts handled. It is almost always a wise idea to appoint a person who is willing to execute these details. Some other assets transfer automatically after a person’s death.
Individuals in the Military
Any person who enters the military should especially make sure to analyze the various aspects of estate planning, including creating an advanced medical directive and a will.
Insurance and Disability can be Handled
There is a risk of adults becoming disabled or unable to care for themselves or their children. By planning for these events, individuals can make sure that someone is named as their medical power of attorney. This estate planning tool is important if a person is not married but has a life partner.
A Person Wants to Give Assets to Charity
If a person wants to give his or her assets to a charity, it is critical to list these intentions in a will. Without a will, there are certain laws that dictate which persons will receive assets and a person’s estate will be divided among his or her immediate family.
Ownership of an Animal Needs to be Decided
Many people have close relationships with their pets. An estate planning tool allows people to list specific instructions regarding the ownership of their pets after their death.
Social Media Accounts
Many young people store important documents and photographs on their social media accounts. Without providing instructions on how to handle a person’s estate after death, a person’s loved ones might be unable to even access his or her social media accounts.
Contact an Experienced Estate Planning Attorney
No matter your age, if you are interested in estate planning in North Dakota or Minnesota, it is vital to contact a skilled attorney. Estate planning involves making some difficult decisions and thinking about family relationships. The legal team at our office understands how to best utilize estate planning to achieve your goals. Our attorneys can help to guide you through the process so that you can obtain your desired goals. Contact attorney Stephen Welle at O’Keeffe O’Brien Lyson Foss today online form or calling 701-235-8000 or 877-235-8002.