If you are a Millennial, should you have a will in order? Estate planning may seem like something for older folks – something you do not need to consider until you reach at least your 50s or 60s, right? Not so fast. No matter how old you are, if you have assets, you need to have a plan for distributing them after your death. Even something as modest as your personal possessions or smaller bank accounts should be covered under a will. Millennials need wills just as much as boomers or Gen-Xers. Here’s how you get started.
First, you need to realize that estate plans are about so much more than simple property distribution. Your estate plan can include important health directives that allow your partner or family member to make medical choices for you. These powers of attorney or health care directives protect your future by putting your health in the hands of someone you trust – not just the person who receives the responsibility by default from the courts. This is particularly useful for modern couples who are not married, but who want to share responsibility through other legal means.
Further, Millennial parents need to think about the implications of an estate plan for their kids. Estate plans allow you to assign a guardian for your children in the event that something happens to you. Wills also help you provide financial support in the event that you die and your children go to live with a trusted relative or friend.
So, is it time for you to consider creating an estate plan? Keep in mind that it is never too early. Set a strong precedent for your future, and protect your interests and those of your family by developing a comprehensive estate plan to last for your lifetime.