Millennials might be more likely to travel and seek out the digital nomad lifestyle, but it can be a big mistake to do this without thinking about the possible estate planning complications. Even those in traditional jobs should sit down with a lawyer to discuss tools for younger people with the intention of updating these over time.
Most millennials are likely to overlook the fact that they have an estate at all, assuming that they don’t have enough assets to trigger complicated probate administration.
However, everyone needs estate planning regardless of your age. There are six primary reasons why millennials cannot afford to forget about estate planning, whether they intend to stay in the United States or exercise some options with world travel. These include:
- Life circumstances might dictate changes in beneficiary designations. New life insurance and retirement account options with an employer should trigger you to think about this.
- Your estate might be bigger than you think, even if you don’t have a lot of cash in the bank. Don’t forget your vehicle, personal property, retirement life insurance accounts, inherited heirlooms, and your vehicle.
- Medical directives can cause problems during your life if you don’t engage in estate planning.
- A financial power of attorney should be named if you become incapacitated regardless of your age.
- You’ll want to empower approved people in your life to have HIPAA authorization for you. Naming your parents as agents in your younger years is one easy way to address this.
- You probably have plenty of assets inside your digital estate, even if they don’t come to mind right away.
- If you have a life insurance policy, keeping those beneficiary designations updated ensures that your loved ones are protected if something happens to you.
Ready to talk through your estate planning options in Pasadena? Your attorney will help you identify the gaps in your current estate plan and adjust your tools and strategies as needed.