Who Needs a Last Will and Testament?
When most people hear the term “will,” they might imagine a document meant only for older individuals with significant wealth or vast estates. This stereotype has caused many to delay drafting their own wills, leaving their wishes—and sometimes their families—in legal limbo. However, estate planning isn’t just for the wealthy or the elderly. A will is a foundational tool that is one part of a comprehensive estate plan necessary for every adult, including those just starting their financial journey.
This article explains why everyone over age 18 should consider creating an estate plan, how it helps you maintain control over your assets, and why relying on default legal rules might not align with your personal wishes.
Estate Planning Attorney Philip Ruce of Stone Arch Law Office spoke with KSTP Minnesota Live about estate planning and answered all the common questions Minnetonka residents have about estate planning.
There are a lot of misconceptions and questions that surround estate planning, such as what it is exactly, when it should be done, who should do it, and more. Attorney Philip Ruce answers common questions sharing the critical information Minnetonka residents need to know about estate planning in his interview with KSTP Minnesota Live.
Life Circumstances Change Quickly
Even if you’re fresh out of high school or college with minimal financial resources, a will establishes control over what little you have. It ensures that any savings, belongings, or personal heirlooms are distributed according to your wishes. Young adults with 401(k)s, savings accounts, or other assets should especially take note—these items need to be explicitly included in a will to avoid probate complications. Read more in our article, Estate Planning for Singles: It’s More Important Than You Think
Your Wishes Matter, Regardless of Wealth
A last will and testament doesn’t just direct the distribution of wealth; it gives you control over important decisions. For instance, if a young adult passes away unexpectedly, a will can designate guardians for any dependents or even pets. Without one, those decisions are left to the court system, which may not choose the same individuals you would.
Minnetonka Estate Planning Maintains Control Over Asset Distribution
At its core, a will allows you to decide what happens to your assets, no matter how modest. Without one, state laws dictate how your estate is divided, often leading to outcomes you might not agree with.
Specific Bequests Made Simple
Do you have sentimental items, such as family jewelry, that you’d like a particular person to inherit? A will lets you name beneficiaries for these items, ensuring they end up in the right hands. This level of precision is especially important in preventing disputes or misunderstandings among loved ones.
Avoiding Unintended Consequences
Imagine this scenario: You’ve been saving for years to leave something for a close friend, but without a will, your assets could default to a distant relative you’ve had little contact with. A will prevents such situations by giving you full control over who benefits from your hard-earned resources.
Minnesota’s Default Estate Plan: Why It Might Not Align With Your Wishes
If you pass away without a will, Minnesota’s intestacy laws determine how your estate is divided. While these rules aim for fairness, they can have unintended consequences. Read more in our article, My Client Didn’t Need an Estate Plan!
Minnesota Will Decide Who Inherits Your Assets If You Don’t Have an Estate Plan
Without a will or estate plan, the Minnesota probate court follows a strict formula based on familial relationships. For instance, if you’re unmarried with no children, your parents may inherit everything, even if you wanted to leave some assets to siblings, a partner, or a close friend.
No Control Over Deciding Guardianship for Minor Children
For parents, one of the most significant aspects of a will is the ability to name guardians for minor children. Without a will, the court decides who will take care of your children, which may lead to guardianship arrangements that don’t reflect your preferences.
Why Minnetonka Residents Should Prioritize Estate Planning
In Minnetonka, estate planning offers peace of mind for residents looking to safeguard their families and assets. Despite this, a 2024 survey by Caring.com revealed that only 32% of Americans have a will—a 6% drop from the previous year. Many cite procrastination, a perceived lack of assets, or confusion about where to start as reasons for delaying.
Interestingly, younger generations, including Gen Z, are becoming more proactive. Since 2020, there has been a 50% increase in will creation among adults aged 18-34. This trend shows that estate planning is no longer viewed as something reserved for older individuals or the wealthy.
The Risks of Procrastination
Estate planning delays can have significant repercussions. Take the example of Amy Kennedy, a mother of four who’s story was shared in Katv, who postponed creating a last will and testament because she found the process overwhelming—especially when deciding who would care for her eldest son with special needs. “You just get so busy with the day-to-day that you blink, and a year goes by,” she shared.
Such delays are not uncommon. Major life milestones like marriage and parenthood often serve as triggers for estate planning, but waiting until these events occur can leave families unprotected in the interim.
Getting Started with a Minnetonka Estate Plan: A Simple Path to Peace of Mind
Creating an estate plan doesn’t have to be intimidating or time-consuming. Here’s how Minnetonka residents can begin the process:
- Inventory Your Assets
List your property, bank accounts, retirement plans, and heirlooms. Even non-monetary items, like photographs, can have emotional value worth planning for. - Clarify Your Wishes
Decide who should inherit specific assets and who you trust to manage your estate. - Seek Professional Guidance
An experienced estate planning attorney can help create a comprehensive will that reflects your wishes and complies with Minnesota law. - Update Regularly
Reevaluate your estate plan every 3-5 years or after significant life changes to ensure it remains current.
Start Your Estate Planning Journey Today
Don’t let misconceptions or procrastination keep you from protecting your loved ones. Estate planning isn’t just for the wealthy—it’s for everyone. Whether you’re just starting your career, raising a family, or planning for retirement, a will ensures your wishes are honored and your assets are handled according to your preferences.
Book a Call a call with our team and let Stone Arch Law Office in Minnetonka guide you through the estate planning process, giving you peace of mind for the future.
