Estate Planning for Millennials
For people in their twenties and thirties, thinking about the potential for disabilities and making end of life plans is likely to be at the bottom of your to do list. The fact is, you are never too young or too old to consider estate planning as a way to protect yourself and your loved ones in the event of the unexpected. The following are simple steps that millennials can take now to ensure they are prepared.
Why Millennials Need an Estate Plan
While the chances of being involved in a serious accident or suffering a life threatening condition is something that none of us wants to contemplate, the fact is that death or disability can impact young people just as easily as it can older adults. Unfortunately, the Social Security Administration reports that thousands of young adults suffer fatal injuries and illnesses each year, while roughly one out of every four will become permanently disabled before reaching retirement age.
Part of being financially responsible is planning for unexpected future events. To make things easier for you and those you love, it is important to take the appropriate actions now. Regardless of your income or the amount of assets you possess, the following documents play a role in any millennial’s estate plan:
- Last Will and Testament: When a person passes, their estate must be settled through the Florida Probate Court. Without a valid, legally drafted and signed will in place, this can be a costly, time consuming, and complicated process. A will allows you to specify who you wish to inherit any money or property you do possess, and can also include notes to loved ones while providing guidelines for how you want your final arrangements to be handled.
- Advance Health Care Directives: In the event an accident or illness causes you to be incapacitated and unable to communicate your wishes, advance health care directives can outline what you want in terms of medical treatment. A living will can specify whether you want drastic measures in terms of end of life care, in addition to conveying your wishes on issues such as organ donation.
- Power of Attorney: You can designate someone you trust to act as general power of attorney on your behalf, which gives them the authority to access accounts and manage your finances in the event you are unable to do so yourself. You can also name someone as health care power of attorney, which gives them the authority to make medical decisions on your behalf.
These documents are all particularly important if you would prefer friends or domestic partners handle these matters, rather than your parents. Otherwise, those closest to you could find themselves cut off and unable to help at a time when you need them the most.
Contact Us Today for Help
To discuss your situation and the types of legal documents that you need to have in place, call or contact our Boca Raton estate planning attorneys at the Protect My Assets Law Group and request a consultation today. We are eager to assist you with your case.