Graduation day is fast approaching for many college seniors. Now that you’ve earned your college degree, you may not feel like you have anything to “protect” through estate planning. After all, the stereotype of the “starving college student” got started for a reason! But, even if you leave college with a load of student loans and an entry-level job (or hopes of one), you will do yourself a favor by spending just a little time doing some basic estate planning here in Northwest Iowa.
Northwest Iowa Estate Planning for Your Physical Self
There are tons of reasons to do your estate planning. It seems like the ones most people talk about are: passing on your possessions and avoiding taxes. I would argue, however, that there is a far more important reason, and it’s one that even young college graduates shouldn’t overlook: your medical decisions.
What happens if you become injured or otherwise incapacitated and can’t tell the doctors what you want? Who makes decisions for you about what kind of life-sustaining measures should be taken or whether or not you consent to surgery? Whether you want your parents in that role or someone else, the way to make sure you have a say is to have an Iowa estate planning lawyer in draw up a legally binding “healthcare power of attorney.”
Northwest Iowa Estate Planning for Your Finances
It may not seem like you have much of anything to look after when it comes to finances and the recent college grad. In reality, though, you likely do have some things to consider. For example, do you have any debt, and if so, do you know what happens to it if you become incapacitated or pass away? The answer has a lot of variables such as the kind of debt, whether or not you have other authorized users on your account, and more.
One of the reasons you worked so hard for your degree was likely so you could move out into the workforce. With that come options such as retirement accounts and insurance. Each of these includes naming a beneficiary for benefits, so you’ll want to make sure you’re up to speed on what that means and have the appropriate people named. Some accounts don’t have specific beneficiaries, so setting up even a simple will can help make the transfer of those funds much easier and less expensive when the time comes.
Northwest Iowa Estate Planning for Your Partner
Many college graduates are moving forward with their lives as couples, both married and unmarried. Either way, estate planning in Northwest Iowa is an important part of making sure that your partner is cared for and receives the appropriate benefits upon your death. As mentioned above, you want to make sure you have the correct information filled out when it comes to beneficiaries on accounts, but you will probably want to go a step further to ensure that your assets pass in the way you want. In Iowa, an unmarried partner is not entitled to the same benefits as spouses, so if you don’t set up the situation appropriately through careful estate planning, your significant other might be entitled to absolutely nothing!
Estate Planning Matters For College Grads, Too!
Contrary to what you may have heard, estate planning is not just for the ultra-wealthy or the elderly. Estate planning is just as important for the college – or even high school – grad and savvy young adult, too. Celebrate your recent graduation and your success by getting a complimentary review of your situation. Schedule a planning session with the mention of this article and let us help you lay out a road map for lasting protection and peace of mind in the future.
