October is Estate Planning Awareness Month, a reminder that tomorrow is never guaranteed. Young adults are the least prepared age group when it comes to estate planning, yet the risks of delay are greatest at this stage of life.
By waiting, you leave decisions about your children, your health care, and your financial security in the hands of others.
Why Young Adults Cannot Wait
The numbers tell the story. According to Caring.com’s 2025 Wills & Estate Planning Survey, only 24% of Americans have a will. Among those without one, 43% admit they “just haven’t gotten around to it.”
The lowest participation rates are among adults under 35. That means most young families in Oakdale have no written instructions for the most important decisions of their lives.
It feels easy to wait. You may believe you are too young, that you don’t have enough assets, or that planning can wait until your kids are older.
But accidents, illness, and unexpected events do not follow a schedule. If something happens before you act, Minnesota’s laws decide what happens next. The Washington County probate court applies those rules, not your intentions.
Guardian Designation: Who Raises Your Children?
If you have young children, the single most urgent reason to create a will is to nominate a guardian. Without that nomination, the court decides who raises your children. The judge must choose among available relatives, and the choice may not reflect your values.
In your will, you nominate a guardian to provide stability and care. You choose who makes schooling decisions and who offers the home life you want for your children.
Trust for Children: Protecting Financial Futures
Minors cannot directly inherit property. By creating a trust, you decide how and when your children receive access to their inheritances.
Many people will stagger distributions, such as partial funds at 21, more at 25, and the remainder at 30. You may also direct how the assets are used if you choose to do so. A trustee follows your instructions and manages the funds responsibly until your child is ready.
Life Insurance: A Safety Net for Young Families
For many young households in Oakdale, income is the most valuable asset. If that income suddenly disappears, the impact on your family is immediate. Life insurance creates a safety net. It replaces income, pays debts, and funds the trust you create for your children.
Because young adults are generally healthier, life insurance is usually affordable at this stage. Waiting only raises costs and risks. When paired with a trust, life insurance becomes one of the most effective ways to provide long-term stability for your children.
Core Documents Every Young Adult Needs
Beyond guardianship, trusts, and life insurance, several essential documents protect you even before children enter the picture:
- Health care directive – you record your medical treatment preferences and appoint a health care agent.
- HIPAA authorization – you grant named individuals access to your medical records so your agent can act effectively.
- Power of attorney – you appoint someone to handle your finances if you become incapacitated.
- Starter will – you direct where your property goes and name an executor to manage affairs.
Estate Planning as You Grow
Estate planning is not static. The plan you create as a young adult evolves as your life changes. One of the good things about creating a revocable living trust is the fact that it is adaptable as you and your children grow older.
Since you are the trustee during your life, you don’t lose control of assets you place into the trust. There is absolute flexibility, because in addition to the right of revocation that you retain, you can change the terms as you see fit. In most cases, you don’t have to create a new trust.
Estate planning is a dynamic process, and it should be viewed in this light from the beginning. Occasional revisions will probably be necessary, and we will always be available to help you update your existing plan once we establish a relationship.
Take Action During Estate Planning Awareness Month!
Estate Planning Awareness Month is a wake-up call for the unprepared. Most people say that they put their families first, but according to the statistics, a plurality of the same people don’t have estate plans in place.
Yes, life moves fast, and dying is the last thing on your to-do list. At the same time, it is one of the certainties of life, and you are doing your family a disservice if you have made no provisions for the inevitable.
Help is just a phone call away, and you can set the wheels in motion by calling our Oakdale, MN estate planning office at 451-478-8999. If you would rather send us a message, use our contact form, and we will get back in touch with you ASAP.
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