Studies show that two out of every three American adults are completely unprepared from an estate planning perspective. As you would imagine, younger adults are less likely to have plans in place than their older counterparts, which means that minor children and young adult planning is more important than ever.
On the one hand, this is understandable, but on the other side of the coin, it is disturbing. Many people who are in their 20s, 30s, and 40s are the parents of minor children. If you are one of them, where would your family be if you were to pass away suddenly due to an accident or devastating illness?
Neyens Law, located in Oakdale MN, offers young adult estate planning, including young families with minor children.
Every parent should have a will that nominates a guardian for minor children. When you take this step, you know that someone of your own choosing will be empowered to care for your children to the best of their ability. This is a critical piece of estate planning for young parents.
If you do not assert your wishes in writing and the unthinkable takes place, the court will take control of the situation. Under those circumstances, there can be family disputes, and the individual who is ultimately empowered may not be the person you would have chosen.
Your estate plan as a young adult should include preparation for possible incapacity, whether you have children or not. With a living will, you record your preferences regarding the use of life-support.
A durable power of attorney should be added to empower someone to make medical decisions on your behalf not related to life-support. To give the agent that you choose the legal right to access your medical information, you should add a Health Insurance Portability and Accountability Act (HIPAA) release.
Financial Considerations for Minor Children
Of course, there is also a financial component. When you have a revocable living trust, you would be the trustee while you are living. In the document, you name a successor to assume the role after your death. This individual would be empowered to manage assets on behalf of minor children.
A testamentary trust is another option that would protect the interests of minors. This is a trust that is contained within a will, and it would be created after your passing.
End the Procrastination Today
If you are going through life without an estate plan as a young adult, action is required. When you do what it takes to protect your loved ones, you can go forward with total peace of mind. If you have questions about minor children and young adult planning, reach out to our caring staff today.