18th May 2017
Estate planning is not the most exciting or uplifting thing to think about. It involves anticipating and arranging for tragedy. Even if you know the benefits of estate planning, it’s an easy thing to put off for another day. This comfortable procrastination is especially easy for young adults who have the perceived luxury of time.
The majority of estate planning we do at Anderson Larson is for older adults; however, it’s smart for young adults to have estate planning on their radar. Estate planning isn’t just about naming people to receive assets or reducing your potential tax liability. In fact, young adults are probably in the early stages of their careers and likely haven’t amassed much in financial assets. That is not a reason to forgo estate planning.
For young adults, estate planning will likely not be very complicated, but will provide important assurances for you and your loved ones. A few key legal documents can be instrumental in planning for your future and possible contingencies. At Anderson Larson we can help you consider and craft these documents. Through estate planning you can explain your important health care decisions, explore opportunities for charitable giving, determine guardianship if you have children, and even make arrangements for social media accounts and digitally stored information.
If estate planning is new to you, I encourage you to do your own research to learn more about basic planning tools such as a simple will and a health care directive. Even if you don’t meet with a lawyer in the near future, it is smart and responsible to keep these important life decisions in mind. Over the course of your life you will want to revisit and update your estate plan with your changing circumstances. My advice is to get started sooner than later.
Whether you are a recent graduate, a new parent, or someone who has been putting off estate planning for some time, we’d be happy to discuss your planning goals and work with you to develop an estate plan to effectuate those goals. Give me or another attorney at the office a call at (320) 235-4313 to set-up a meeting to start this important conversation.