Every estate planning lawyer in Minnesota will tell you that all adults need an estate plan. While a lot of people believe that estate plans are only necessary for people with a lot of wealth, the reality is that everyone has choices that they can only make by creating an appropriate plan. While every adult should have an estate plan, you’ll definitely need to begin your planning efforts as soon as possible if you are a part of any of the following groups.
Parents with Young Children
Whether you are a married couple or a single parent, you will have to create an estate plan that addresses the possibility that you will die and your young children will be left without a parent. You can create an estate plan that chooses a guardian who will care for your children after you are gone.
Business Owners
Transferring a business to new owners or to other family members after you die or decide to step away is a complicated process. An estate plan will allow for a smooth transition whether you choose to bow out and retire, or if something should happen to you before then.
People With Health Issues
If you’re suffering from a chronic or worsening disease that could leave you incapacitated you absolutely need to create an estate plan as soon as possible. Your ability to make medical choices depends on your ability to make rational decisions, and once you lose that ability you can no longer choose your own level of care.
- Advantages of Using a “Grantor Trust” in Planning - August 3, 2021
- Plan Now for the Incredible Shrinking Exclusion - July 29, 2021
- SSI vs. SSDI — Understanding the Difference - July 27, 2021
