When you think of Generation X, what comes to mind? Many of us in Northwest Iowa fondly remember things like flannel shirts, grunge music, and movies like Reality Bites. Our vision of the generation which followed the Baby Boomers is firmly frozen in time. But, Generation X is all grown up now, many with their own kids graduating from high school.
GenX-ers are no longer angst-ridden youth trying to figure out where they fit in this world. Instead, they’re adults with real jobs, real retirement plans, life insurance and real health problems. And they’re people who need to do their estate planning. Lawyers in Northwest Iowa are working with more and more members of Generation X, but many GenX-ers still don’t seem to realize that estate planning applies to them. Maybe they don’t feel they’re old enough, or they believe they don’t have enough assets to need to put together a will or other legal documents. The truth is, though, these assumptions are false.
Preparing for the “Just In Case”
First of all, the best time to work with a Northwest Iowa estate planning attorney is when you are younger and healthy. By doing so, you will already have the right documents in place should you suddenly become ill or injured. Without a medical power of attorney, for example, the courts will decide who makes your medical decisions for you if you can’t. Or, without a proper will or trust, the courts in Iowa will also decide who becomes the guardian of your children. This alone should be enough to send Gen Xers running to their estate planning lawyers!
Again, as I discussed in this post last month, should you die without a will in place, the courts will be making all of your decisions for you. You may have always intended for your best friend to have that silver and turquoise necklace you bought together on spring break in 1992, but if you haven’t specified that in a will, then it will probably end up in someone else’s possession.
Planning for Your Financial Future
Finally, an estate planning attorney can help advise you on what steps you should be taking to prepare for retirement and beyond.
He or she can help direct you toward:
- The best option for retirement accounts
- Which type of insurance policy meets your needs
- Ensure your estate owes the least amount of taxes when you do die therefore leaving more for your family and other heirs
If you are ready to get started with this process of learning how to get your affairs in order and best protect your assets, your wishes and the people you love, give us a call at 712.737.3885 and ask to schedule a complimentary planning session with the mention of this post.