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Why is estate planning important for millennials?

Why is estate planning important for millennials?

On Behalf of | May 23, 2017 | Estate Planning

Someone brought up the subject of wills recently, and asked if you had one. You said no. Your friend chattered on about trusts, powers of attorney and medical directives, but you lost interest in the discussion.

After all, you are not yet thirty, your focus is on your career and, at this point, you have not even found the person you want to marry. In your opinion, estate planning is not something you need to think about until you are middle aged. However, age does not matter. What matters is assets and what happens to them after you leave this world.

To allocate your assets

Youth has a way of making you feel invincible, but remember you are only human and subject to the unexpected. Once you begin to acquire assets as an income earner, you should give thought to preparing your estate plan while you still have the ability to decide who gets your golden retriever, your vintage Mustang and the proceeds from the sale of the home you so proudly purchased last year.

To make decisions when you cannot

What if you should become incapacitated, even for a short time? You can name someone in your estate plan to look after your personal affairs and finances if you are unable to do so. Your estate plan can include legal documents relating to medical decisions, as well, such as a living will or a health care directive.

To address your unique situation

When special circumstances arise in your life, there are documents you can create to take care of them. For example, you can ensure that a domestic partner has the legal right to oversee your estate, if you so desire. If the person you want to marry finally turns up but is not a U.S. citizen, your estate plan can address the complicated matter of inheriting assets. The same holds true if you should eventually have a special-needs child.

Seeking help

Once you begin thinking about the future, you may believe you can create the documents you need by using an online source. Keep in mind, though, that online legal forms may not hold up in court. Reach out to an experienced family law attorney to help create an estate plan that, as a forward-thinking millennial, you will be proud to call your own.

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