When most people think of estate planning, visions of older individuals reviewing or establishing their end-of-life affairs come to mind. And while this service is necessary for older individuals, the truth is young people need it just as much. There are many reasons why people of any age should get an estate plan. Even young people have certain unique needs that indicate they can benefit from having their plans in order. Whether you have minor children, have non-traditional relationships in your life, health issues or you are newly acquiring assets, having a plan is essential.
Here is a short list of documents that will assist you and your clients in creating their Estate Plan for each of the 4 stages of life: young adulthood, marriage and family, middle adulthood, and retirement.
- Young adulthood
Young adulthood spans through college as well as the first 10-15 years out of college. While it may seem a bit early to be thinking this far into the future, it can never hurt to be prepared. A great way to start is by gathering information for the following documents:
Documents:
- A “basic” Will
- Transfer on Death designations (on bank accounts)
- A Health Care Directive and HIPAA Authorization
- A Financial Power of Attorney
- A List of Online Accounts and Passwords
- Marriage and Family
Building a family means that clients will want to ensure that their assets are being designated properly to their spouse and children. Here are the appropriate legal documents that are needed at this important stage in life:
Documents:
- An updated Will (including Trusts Provisions to protect any minor children)
- A Guardianship Directive
- A Child Care Authorization
- Correct/updated Transfer on Death designations (on bank accounts)
- Life Insurance with proper Beneficiary designations
- A Health Care Directive for each spouse
- A Financial Power of Attorney for each spouse
- A List of Online Accounts and Passwords
- Middle Adulthood
Children have grown and retirement age is approaching. Here is a list of documents to provide your clients the peace of mind needed as they look forward to retiring comfortably:
Documents:
- A Living Trust-based plan (more comprehensive than a basic will)
- A Pour-over Will for each spouse
- The proper Real Estate Deeds to avoid probate
- Correct/updated Transfer on Death designations (on bank accounts)
- Life Insurance with proper Beneficiary designations
- A Health Care Directive for each spouse
- A Financial Power of Attorney for each spouse
- A List of Online Accounts and Passwords
- Long-term care insurance coverage
- Retirement
The last thing that a client and their family would want to handle is gathering plans for a loved one’s estate at the last minute. At this stage in life, keeping documents updated for your clients is essential. Help your clients to enjoy their retirement by ensuring that the following documents have not only been created, but are being updated as their needs change:
Documents:
- A Living Trust-based plan (more comprehensive than a basic will)
- A Pour-over Will for each spouse
- The proper Real Estate Deeds to avoid probate
- Correct/updated Transfer on Death designations (on bank accounts)
- Life Insurance with proper Beneficiary designations
- A Health Care Directive for each spouse
- A Financial Power of Attorney for each spouse
- A List of Online Accounts and Passwords
- A Personal Property Distribution List
- A Funeral Directive
Encourage the potential clients in your community not to wait for life’s most unexpected moments to get a plan in place. Instead, help them recognize that all individuals at each stage of life can benefit greatly from having even the most basic estate plan, helping to control the things that are important to them and their families.
Your business will grow and prosper alongside a young client base that needs everything in a plan from simple starting documents to managing their assets later in life.
