Millennials: Yes, You Need Estate Planning

Don’t forget Estate Planning!

My kids are Millennials.  So I know that when asked their list of plans, they say things, like getting married, starting a family, getting a great job, or going on a special vacation.

Folks in their 20’s and 30’s don’t have Estate Planning on the top of their mind.  If they think about it all, they think that Wills, Powers of Attorney and the like are for “older” folks in their 60’s or 70’s.

That’s a big mistake.  The reality is that EVERYONE needs to be thinking about estate planning.

For families with children, estate plans are especially important because a good estate plan will designate a guardian for your children should something ever happen to you and it directs who will be in control of your assets while your children are minors.

Parents should also have an advance directive for their children so that someone else can make health care decisions if the parent is out of town or ill.

Young adults should also have a Durable Power of Attorney and a Health Care Directive.  Accidents and illness can happen to anyone.  And Living Wills will ensure that you aren’t kept alive indefinitely if there is no hope of recovery.

And these days, many millennials live together but do not marry.   This means there is no state law in place to handle the division of assets or health care decisions unless the couple has entered into a Domestic Partnership Agreement.

Digital Assets is another area of growing importance.  Millennials usually do all their banking, investing and spending online.  It is practically impossible to access online accounts and social media without the proper legal documents in place.

Please do not delay in seeking legal advice because you are too young.  Life happens to everybody.

The Law Office of Debra G. Simms will be glad to assist you with estate planning no matter how old you are. Call us today at (386) 256-4882.

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