Why should an estate plan be top-of-mind for millennials?
The truth is, we cannot predict the future. We don’t know when our time will come. Terrible accidents happen all the time. What we do know is what a mess you could potentially be leaving behind if you do not have a will. As millennials begin building their lives; buying houses, getting married, having babies – they need to think about what would happen to their world if they suddenly were not in it. A will would ensure that your wishes are carried out, without one the state you live in will govern how your assets are distributed. Even worse, if you have children, the Courts will decide who will be their guardians and control their money.
What are some important documents that millennials need?
An equally important set of documents for millennials to have are the power of attorney documents. These documents allow you to control what happens to you if you become incapacitated. Being incapacitated means that something happened to you that has made you unable to make decisions for yourself. Through a power of attorney, you can designate who is responsible for your finances and what they are to do with your finances. A medical power of attorney will appoint someone to make end-of-life decisions for you. End-of-life decisions are for example, if you want to be put on life support and if so, for how long, or if you want to have certain treatments done.
The cost of an estate plan is more than worth it if you consider the future hassle and court costs that will be passed on to your loved ones. Some future planning can be done on your own without an attorney, for example setting up beneficiaries for life insurance, brokerage and retirement accounts. Consider who you would appoint for each of these important roles. The best person for the job might not be the person that you are closest to.
If you’re ready to check estate planning off your to-do list, give us a call! We have a team of experienced estate planning attorneys that can help you draft all needed paperwork.
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