Even older people who are quickly approaching retirement in their golden years are likely to skip out on the estate planning process but some of those most likely to believe there’s no benefit to them doing estate planning are millennials. Studies show that Millennials are on track to make the most house purchases this year, meaning that many of them are stepping into a role where they must be mindful of how they choose to protect their families and assets.
Millennials today are beginning their careers and starting the process of raising a family which means estate planning should be front and center. There are two primary needs that even millennials who have a smaller amount of assets should contemplate this process. The first is for protecting children.
Having a will as part of your estate plan is crucial because it is the only way to name a guardian for your minor child. This legal document can lay out the provisions of who is eligible to care for your children in the event that both the parents pass away. Make sure that you have an estate planning attorney to verify that all aspects of your planning have been properly considered and continue to update your estate planning documents and beneficiary designations as your family grows.
The second reason why millennials need an estate plan is to address health care concerns. This often means naming the person who is eligible to step in as your power of attorney over your health care decisions and needs, including what will be done if you are put on life support or unable to express yourself as a result of other injuries. Whatever the case is, naming these wishes in writing within your estate plan can prevent family members from having to go through the uncomfortable and difficult situation of trying to get the court to appoint someone to make these decisions on your behalf.
Our Pasadena estate planning firm is here to help you no matter your age or individual situation. We love helping our clients create customized and purpose-driven estate plans. It’s our goal to form a relationship with you that helps us to assist you at every stage in your life.