The Minneapolis/St. Paul Business Journal (MSPBJ) has published an “Estate Planning Table of Experts” panel discussion featuring Hellmuth & Johnson estate planning and family law attorney Samantha Graf.
When asked who should have an estate plan, Graf shared, “It’s a very common misconception that elderly people are the ones who need an estate plan. And certainly they do. But my concern is always the parents of young children. In my opinion, there is a bigger risk to a parent with a minor child that does not have an estate plan and guardian designated. We’ve also been doing a lot of planning for parents who have college-age kids. Parents often don’t realize that they can’t call the doctor for their son or daughter in college to get updates or make appointments or help with financial questions because the child is now 18 and an adult. Getting at least a power of attorney or health care directive for the child can resolve these issues fairly quickly.”
When asked why titling assets and beneficiary designations are important, Graf responded, “When you explain to clients how their assets will transfer or who could receive their assets without an estate plan in place, you see clients suddenly recognize why it is so important to put their wishes into writing. When a client realizes that without a plan, their assets will distribute to a sibling that they haven’t talked to in 20 years, the necessity of their plan hits home. And you also have to educate and help clients understand that establishing the estate plan is only part of the process. Ensuring that asset titling is updated afterwards to ensure the plan works is just as important.”