Why Should Millennials Create an Estate Plan?

Why Should Millennials Create an Estate Plan?

Many people feel as if they do not need an estate plan until they are older. However, it is beneficial for anyone to have an estate plan at any time in their life. This is because life is unpredictable and no one can ever know what may happen in the future. That is why, even as a millennial, you should create an estate plan so that you are sure any assets you have are protected. To learn more about how this is done, continue reading below and contact an experienced New York estate planning attorney for guidance. 

Protecting a Partner

Throughout the generations, people have chosen to get married later and later in life. However, many millennials still have long-term relationships that they are committed to and usually want to protect this individual in the event of their death. Marriage provides couples with certain rights to one another that unmarried partners do not have, which is why they have to be stated in an estate plan. This can include:

  • Durable power of attorney: This allows a partner the right to act as an agent to act on your behalf regarding financial and legal matters.
  • Medical power of attorney: This allows a partner to make medical decisions on your behalf if you are unable to do so themselves.
  • Will or trust: This names a partner as a beneficiary so they can be entitled to your property.
  • Beneficiary designations: This names a partner as the beneficiary of retirement accounts, life insurance, stocks/bonds, etc.

Protecting Dependents

A parent’s biggest concern is always their children. This is why it is crucial to put a plan in place to protect your children in the event that you cannot do so yourself. There are a few ways this can be done, such as creating a will or trust that states what happens to your assets upon your death. In addition to this, it is important to name a guardian for children who may still be minors when you pass. A financial guardian can also be appointed to handle any finances for the children until they become legal adults and can manage things themselves.

Protecting Digital Assets

As millennials grew, so did the use of technology. This leads many to have a great deal of digital assets, such as social media accounts, electronically stored data, financial accounts, pictures, videos, loyalty programs, airlines pints, etc. These are all assets that a plan should be in place for, just as anything else. This can be done by creating a list of accounts you have, as well as any usernames and passwords. Also appoint a digital executor who will have access to these assets and distribute them as you wish. 

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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