What Should Millennials Know About Estate Planning?
Something we feel strongly about is that estate planning is for everyone; the need for estate planning is not bound by financial standing, age, or occupation. Even young people, including Millennials, are advised to take some preliminary steps to plan for the future. In this post, we’ll take a look at some of the specific steps that young folks might take, and speak about estate planning for Millennials in practical terms. Hopefully, we’ll answer all of your questions along the way!
Why So Soon?
One of the first questions on your mind might be this one: Why do you need to start the estate planning process so early?
The idea that estate planning is for old people is a misconception. It’s never too early to prepare for the future, especially in the face of possible incapacitation due to work, leisure, or other unforeseen accidents.
Remember that estate planning doesn’t just involve money. It also encompasses what happens to your kids and your pets when you die. And it entails decisions about how you wish to be treated should you become incapacitated. When it comes to why and how to estate plan for young professionals, these issues are all crucial.
Know Your Estate Planning Attorney
Another common question: Do you really need to hire an attorney to help with your estate planning?
Estate plans can be done by the planner themselves, but it is always recommended to hire an experienced estate planning attorney to guide you through the entire process. Your estate planning attorney can advise you on which documents you need, how to minimize tax burdens, and beyond.
When seeking an estate planning lawyer, look for credentials and experience, but also pick someone you like and with whom you feel comfortable working.
Organize Your Papers
You may want to file this under estate planning for dummies, but it really is vital to keep your documentation well-organized.
Estate planning always involves a number of documents. The key documents to keep in hand include the last will and testament, medical directives, a power of attorney, and a health care proxy; your estate planning attorney can help you draft each of these. These are on top of your asset list, which should be as detailed and as inclusive as possible. Make sure these documents are placed somewhere safe, and where your loved ones can retrieve them should something tragic happen to you.
What About Life Insurance and Beneficiaries?
A final piece of advice: Establish a life insurance plan to help keep your heirs/partner/spouse financially secure in the event of incapacitation or death. The heirs/partner/spouse are known as beneficiaries; they are first to receive what assets you can transfer. Always keep your list of beneficiaries updated to avoid overlooking anybody.
Note that your beneficiaries are different from the heirs listed on your will. You may wonder: Do I need a will and these other documents? The short answer is yes, and your estate planning lawyer can advise you in further detail.
How to Estate Plan for Young Professionals
It’s never too early to create an estate plan, nor to ask for assistance from an estate planning attorney. Indeed, whether you’re in advanced estate planning or still figuring out “estate planning for dummies,” the lawyers at Singh Law Firm can help you.
We are seasoned attorneys who have helped create and manage estate plans for countless clients—including individuals of all ages! We’d love to talk with you more about last wills, advanced healthcare directives, and any other estate planning needs.
Start a conversation by reaching out to Singh Law Firm today.
