I'm a Millennial... Do I Need to Worry About Estate Planning?

If you’re a millennial, you may not see the need for estate planning. After all, you’re still young and there are a lot of other things to worry about like student loans, careers, and raising children. Many people also find it upsetting to think about illness and death so it’s easy to put estate planning on the back burner. However, estate planning is crucial for everyone, regardless of age. Here are some reasons why you should think about estate planning now.

Protect Your Dependents

If you have kids (or pets!) they rely on you for their every need. But what will happen to them if something happens to you? Estate planning allows you to choose a guardian who will take good care of them (and this is especially important if your preferred guardian is someone outside your immediate family). You can also make financial arrangements to ensure your dependents have the money they need as they grow up, whether for day-to-day expenses like food and clothing or big-ticket items like college or a wedding.

Protect Your Assets

Estate planning ensures that your property goes to the people you want in the way you want. Maybe you own Bitcoin in a digital wallet, or maybe you want your best friend to inherit your collectibles. Without a proper plan, your loved ones may find it difficult or impossible to access and manage your property, or they may have to guess at how you would’ve wanted your belongings to be distributed. This can unfortunately lead to arguing or bad feelings among your loved ones during a time when they should be finding comfort in their shared grief.

Prepare for the Worst

We all hope to live long, healthy lives and die peacefully at a ripe old age. But life is unpredictable. What happens if you’re in an accident and are incapacitated? A power of attorney can appoint someone to make financial or healthcare decisions for you if you are no longer able to make decisions for yourself. Do you have strong opinions about end-of-life care? A living will can set out what steps you do (or don’t) want medical professionals to take to prolong your life. These measures help ensure that your wishes are honored, even if you are no longer able to express them, and spare your loved ones from the burden of making difficult decisions themselves.

Save Your Loved Ones Time and Money

Probate (the process of distributing assets according to the terms of a will) can be time-consuming and expensive. Proper estate planning can help avoid this process and minimize taxes. This allows your hard-earned money to go directly into the hands of the people who are meant to benefit from it, with minimal fuss.

Conclusion

It is never too early to think about the future! Careful planning now can give you peace of mind that your loved ones will be protected, and your wishes honored, if something happens to you. Contact Attorney Kathleen Morrison to start this process today!