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Young People Still Need an Estate Plan

Young People Still Need an Estate Plan

If you're a young person just starting out, creating an estate plan is probably the last thing on your mind. Instead, you're probably worried about finishing college, landing your first job, or figuring out whether you want to attend graduate school. Although few teens and twentysomethings consider an estate plan a necessity, there are several reasons why you need one - and most of them don't involve money.

You Have Opinions about Your Medical Care

If you feel strongly about your health, you need an estate plan. Without one, doctors will rely on your family members to make decisions about your care in the event you are incapacitated. With a health care directive in place, your health care providers will adhere to your wishes about receiving life-sustaining care if you are in a persistent vegetative state.

You Are Serving in the Military

If you plan on joining any branch of the military, including the reserves, you should create a comprehensive estate plan.

You Are the Beneficiary of a Trust

If you are designated as the beneficiary of a trust or you have received any type of inheritance, you should protect these assets by creating an estate plan. Although you may not regard trust assets as your property, it may be difficult for your loved ones to claim these assets should you pass away. An estate plan can streamline this process.

You Have Pets

Pet trusts are becoming increasingly common. Sadly, thousands of furry and four-footed companions are left to animal shelters each year after their owners die. With an estate plan in place, you can ensure your animal is protected and cared for after you're gone.

You Are Estranged from Relatives

When an individual dies without a will, his or her assets pass according to statute. In many cases, this is not the result the person would have wanted. If, for example, you haven't spoken to a parent since childhood, you may not wish this parent to receive any of your property. Without a will, however, the laws of intestate succession may require the court to turn your money and personal possessions over to an estranged relative. With a will in place, you can direct that your property be distributed however and to whomever you choose.

You Are Active on Social Media

So-called "digital assets" are a growing area of estate planning. Digital assets include your online life, such as personal accounts on Facebook, Twitter, and LinkedIn. Other digital assets include photo storage accounts and even banking websites, such as PayPal. Without instructions on how to manage these assets, your loved ones may have to rely on the probate court to decide - a process that can be both costly and time-consuming.

Minnesota Estate Planning and Probate Law Firm

Have questions about your estate plan? Call the Minnesota probate and estate planning attorneys at Jeffrey P. Scott & Associates, LLC today at (651) 968-1457 today to learn more and to discuss your options.

This website has been prepared by Jeffrey P. Scott & Associates, LLC for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.

 

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Jeffrey P. Scott & Associates

Jeffrey P. Scott & Associates LLC
2356 University Avenue West, Suite 400 | St. Paul, MN 55114
Phone: 651-968-1457 Toll free: 866-442-3092
Fax: 651-647-9544
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