If you were born between 1981 and 1996, you’re part of Generation Y, aka the Millennials. Millennials are the first generation to grow up in the age of computers, the internet, social media and smartphones. As such, you may share some or all of the following characteristics with your fellow Millennials:
- Tech savvy
- Desirous of a good work-life balance
- Living with a roommate or partner
On the other hand, the Millennial generation is not known for estate planning. Before you say “I’m not old enough to think about that,” or “I don’t own enough to think about that,” stop and consider. Do you own any of the following?:
- A home
- A vehicle, boat, RV, etc.
- A 401(k)
- Antiques or collectibles
If you do, you may be aware that these assets do hold value that can increase over time. Although you may be young, it is still beneficial to consider estate planning in case of events that happen out of your control.
Last Will and Testament
Having a Last Will and Testament in place is beneficial to people of all ages. Nobody knows when their time will come so it is important to be prepared in order to avoid having intestacy laws determine who inherits your assets and how.. Furthermore, in no event will they provide for a partner with whom you’re cohabitating without the benefit of marriage.
Your living will specifies the medical treatments and interventions you want or don’t want if you become seriously injured, ill, or otherwise incapacitated.
Health Care Power of Attorney
Every estate plan includes a Healthy Care Power of Attorney. Here is where you designate someone to make medical decisions for you in the event that you cannot make them yourself.
If you own $150,000 or more in assets, you should seriously consider adding one or more living trusts to your estate plan.
Here you have a plethora of trust types from which to choose, including the following:
- Special Needs Trust for the benefit of your disabled child or other family member
- Charitable Trust for the benefit of your alma mater or favorite charity
- Asset Protection Trust for the benefit of you and your partner during your respective lifetimes
- Minor’s Trust for the benefit of your minor child or children
- Pet Trust for the benefit of your pet
- Life Insurance Trust
Obtaining Legal Help
If you’re a Millennial looking to kick-start your estate planning journey, our team of attorneys and other estate planning professionals can give you the estate planning advice, counsel and documents you need. Simply contact us to get started.