Guide to Estate Planning for Millennials
You may be thinking that because you are not married, do not have children, do not earn $100,000, and do not have assets sitting in diverse vehicles across numerous financial institutions, that you do not need an estate plan. But what if you get into a car accident tomorrow and become incapacitated? Morbid, I know, but who would make your medical decisions? Will your family agree on everything? Who will pay your bills so you do not find your finances in disarray when you recover? If you died, what would happen to your most prized possessions? Your digital accounts? Your beloved pets? How would you want to be buried? What song do you want played at your memorial service? Some of these questions may seems trivial now but they will likely stress out your family if something were ever to happen to you.
To make it easier on your loved ones, give them a guide for what you want by creating a simple estate plan. If you do not have significant assets, start by executing an advance healthcare directive, which includes a living will and healthcare proxy, and a durable power of attorney. If you significant assets, consider executing a more elaborate estate plan that includes a last will and testament and trust documents. Whether it is a simple or complex estate plan, act now, before it is too late.
Contact me to discuss your estate plan.