ESTATE PLANNING MYTH #1: Young People Don’t Need Wills
Dispelling the Myth about Young People and Wills
There are many reasons that young couples think they don’t need wills:
“We’re young and healthy. We have plenty of time to worry about dying.”
“We don’t have children yet. We’ll just have to change our wills when we do so we might as well wait.”
“We’re still building up our savings account and 401k—we can’t possibly afford estate planning too.”
While all of the above might seem like valid reasons, they are unfortunately very shortsighted. Many people think that older couples are the ones who need to plan for the end of life and make sure they have wills and other paperwork in order. However, in some ways, it’s even more important for young couples—particularly those with young children.
You might tell your sister and her husband that you want them to be guardians of your children if something were to happen to you—without legal documentation that might not happen.
You experience a divorce and remarriage early in life. You have children from your first marriage. If something were to happen to you without a will, your ex-spouse might gain control of your children’s inheritance—and your current spouse may not receive what you want them to receive.
You and your significant other are in a long-term and committed relationship but you don’t plan to get married. Without an estate plan, you might not be able to make medical or financial decisions for each other if you’re ill and you won’t be entitled to any assets in their name if they pass away.
In all of these cases, a simple estate plan could avoid a great deal of emotional and financial difficulty.
A will allows you to dictate several things that will occur upon your passing. You can specify a Personal Representative—the person who will manage your estate after your death. You can also specify who gets your property and assets. And—particularly important for young families—you can state who should be guardians of your minor children. Additional documents like a Durable Power of Attorney and Advanced Health Care Directive will help ensure that someone you trust is able to make financial and medical decisions for you if you are unable to do so.
Give us a call at 701-852-5224 and schedule a consultation to discuss your unique situation and your concerns. We can help put your mind to rest and make sure that everything is in order to protect your young family and your still-growing assets.