Estate Planning Must-Haves for Millennials
If you’re a millennial who still needs to start the estate planning process, it’s the right time to do so! Estate planning gives you peace of mind that your wishes are honored and your loved ones are protected. Furthermore, estate planning ensures that your healthcare decisions are upheld and your financial affairs are managed according to your preferences. It also provides clear instructions for caring for your dependents and pets (because those fur babies need protection, too!). Planning reduces legal complexities and can even minimize tax burdens. Starting estate planning earlier in life allows plans to adapt and change as life goes on while remaining a secure tool through life’s unpredictability. Now, let’s discuss some estate planning must-haves for millennials!
Take the First Step by Creating a Will
When it comes to estate planning, a will is your starting point. It’s the cornerstone that outlines your wishes for asset distribution, guardianship for children, and other crucial directives in the event of your passing. By beginning with a will, you can address immediate concerns and lay a clear path for your estate planning journey. Once your will is in place, you can then expand your estate planning with more comprehensive components like trusts and powers of attorney.
Healthcare Proxy and Living Will
Unexpected medical situations come up for people of all ages, and because of life’s uncertainties, it’s crucial to name a healthcare proxy and have a living will. A healthcare proxy is a person you name for medical decisions on your behalf if you cannot make them due to health reasons. Additionally, a living will is a legal document specifying medical choices. Such choices include what medical intervention, if any, you would want to stay alive, pain management decisions, and organ donation. While not pleasant to think about, this preparation ensures that health care is managed as you wish.
A Game Plan if You Are Not Married
It’s a fact that millennials are marrying less than previous generations. However, many are in committed, long-term relationships. If you find yourself in this situation, it’s crucial to create an estate plan that includes your partner. If you don’t, and something unexpected happens, your money and property will be distributed according to state law. In most states, unmarried partners don’t have the same legal rights to their partner’s estate as married spouses do. This is a risk that’s important to consider and plan for.
Now Is the Time to Plan
We understand that thinking about and making decisions for a scenario in which you are no longer here is unpleasant, which is especially true earlier on in life. That’s why we are a team of caring professionals who will walk you through it every step of the way. Once we’ve tailored a solid estate plan to your wishes and needs, including these estate planning must-haves, you’ll enjoy the peace of mind that you and your loved ones (human and animal alike) are prepared in case of a life curveball. Call our office today to schedule your appointment.