Studies have shown that anywhere from 55% to 64% of Americans do not have an estate plan. Of those individuals that have created a will, many are not up-to-date. When it comes to estate planning, there are many common misconceptions including 1) I am too young to have a will, and 2) Estate plans are only for the wealthy.
1. Young Adults should have an Estate Plan
No one wants to think about creating a will especially when they are young, however, having one can solve issues for family members and loved ones in case of tragedy. There is the misconception that only older adults need to plan for their estate. Unfortunately, accidents and incidents occur every day for young people as well. In North Dakota, the leading cause of death for individuals between the ages of 21 to 44 is unintentional injury followed by suicide and heart issues. The statistics show that incidents happen that people are not prepared for. It is important to realize that sometimes these incidents result in serious injuries or disabilities that require lifelong assistance as well. Planning one’s estate can help prepare family members and loved ones on what to do if something happens to you. It can be helpful to set up a living will and power of attorney. A living will addresses what will happen and who will be in charge of medical decisions in accordance with your wishes. A power of attorney allows an individual to make legal and financial decisions for you should something happen.
2. Estate Planning is for Every Income Level
There is a misconception that only the rich need to have a will and estate plan. People think that it is just a way for them to move money around and keep wealth in the family. However, estate planning is for everyone, regardless of their economic status. It applies to anyone who wants to have a say in what happens to their assets after death. Who do you want to have access to your bank accounts, the furniture in your house, your vehicles, family heirlooms, or even beloved pets? You may not think you have enough assets to create an estate plan, but take a moment to think about your house or apartment. Think about the large items and the small items; furniture, books, collectibles, heirlooms, etc. When you add up all of the items, you may soon realize that you have more assets than you initially thought. Upon death, those assets will go somewhere. Having an estate plan will make that decision easier for your family and loved ones while also keeping assets away from individuals who you do not want to receive anything. It is important to know that if you do not have an estate plan upon death, the government takes the responsibility of asset distribution. You can avoid this and make the decision yourself by creating one.
Creating any sort of estate plan is important for everyone. It does not matter your age or net worth. It can, however, be tricky and it is difficult to know where to start. Contacting an experienced attorney to assist you in the matter makes the process a lot easier.
Contact Rosenquist Law Office by phone: 701.775.0654 or by email: lawinfo@rosenquistlawoffice.com to set up a free consultation
*The information contained in this article and on this website is for informational purposes only. This information is not legal advice and should not be relied upon as so.
