Contrary to common misconceptions, estate planning is not exclusive to the elderly or the wealthy. Even millennials and young adults can greatly benefit from having an estate plan in place. Shockingly, nearly 80 percent of millennials do not have a will, according to a recent AARP survey. In this blog post, we will discuss key considerations for millennials when it comes to creating an estate plan and how Windrose Law Center can assist in providing peace of mind.
Protecting Your Assets with Wills & Trusts
Regardless of age, protecting your assets is essential. Millennials should consider having a will or living trust in place to ensure their valuables, bank accounts, and retirement plans are safeguarded. Without an estate plan, the distribution of assets may fall under default laws, potentially leading to unintended consequences. At the very least, it is important to designate beneficiaries for your various accounts to ensure your assets can easily transfer to your loved ones.
Guardianship & Conservatorship for Minor Children
For millennials with minor children or dependents, establishing a guardianship plan becomes paramount. By naming a guardian and conservator in your estate plan, you can make informed decisions about who would care for your children in your absence, rather than leaving it up to the court to decide.
Financial Management and Powers of Attorney
Even with limited assets, having a Financial Power of Attorney can be immensely helpful for young adults. This designation allows someone you trust to handle your finances in the event of incapacity. Additionally, if you are a college student or have children in college, consider an educational power of attorney to manage academic enrollment, tuition payments, and student loan matters.
Health Care Directives for Unforeseen Circumstances
While youth often brings good health, life is unpredictable, and accidents can occur. Therefore, it is crucial for millennials to have health care directives such as a Health Care Power of Attorney, a Mental Health Care Power of Attorney, and a Living Will. These directives allow trusted individuals to access your medical information and make decisions based on your wishes, providing assurance during times of incapacitation.
Concluding Thoughts
Estate planning is a responsible act that millennials should prioritize. Regardless of age or financial status, life can present unexpected events. By creating an estate plan, you can protect yourself and your loved ones from uncertainty. Windrose Law Center is ready to assist you in this crucial process, ensuring peace of mind for you and your family. Contact us today to start your estate planning journey and secure a better future.