If you’re like most people, you aren’t eager to spend time thinking about what would happen if you became unable to direct your own medical care because of illness, an accident, or advanced age. However, if you don’t do at least a little bit of planning — writing down your wishes about the kinds of […]
The Millennial Generation is at the beginning of its adult life, and many Millennials are far more concerned about starting careers, buying homes, paying off college, and starting families than they are about planning their estates. Many believe that it’s too soon to start thinking about estate planning because they are young and healthy. [...]
Millennials are beginning their adult life, and many Millennials are far more concerned about starting careers, buying homes, paying off college, and starting families than they are about getting their affairs in order. Many believe that it’s too soon to start thinking about estate planning because they are young and healthy. Even young adults should have (at the bare minimum) the following documents:
- Power of Attorney
- Health Care Directive
- Last Will and Testament
Plan Against The Unexpected
More than either their parents’ or grandparents’ generations, Millennials tend to prefer active and adventurous travel, often to more exotic locations. Before you head off to Dubai for your trip of a lifetime, consider leaving travel insurance documentation in the hands of the person you want making emergency decisions for you, along with your power of attorney, health care directive, and a simple will. You never know when that diving trip may take a turn for the worse, and it’s better to have a plan in place rather than no plan at all.
Think About Your Pets
Money and property aren’t the only things you need to plan ahead for. Have you made arrangements for someone to take care of your pets if you’re zombified or depart unexpectedly? Does that pet caretaker have access to your home in case of an emergency? Do they know where to find your pet’s supplies and belongings, and where to reach your vet? Planning for the temporary or permanent care of your pets could make the difference between them living their lives out in a loving home and having them end up in a shelter if something were to happen to you.
What Happens To Your Digital Life?
Millennials have far greater digital presences than any previous generation. Because there are no legal standards regarding digital presence after someone departs, it’s not clear what should and will be done with people’s social media accounts and websites when they die. This is another perfect example of why Millennials need wills at an earlier age than their parents and grandparents ever did. You should include an inventory of your accounts and sites in your estate planning documents, designate a digital caretaker, and make your wishes known. Certain social media sites, like Facebook, allow you to appoint someone as your legacy caregiver, but others would require you telling your designee how to log in and what you want them to do with each account.
Items Of Sentimental Value
You may not be wealthy, but you probably have items that are rich in sentimental value that you’d like to go to people who will appreciate them, rather than goodwill after you’re gone. You also don’t want friends and family arguing over these things. It may seem silly to make an inventory of such things and list beneficiaries for them in a will, but you absolutely should do this, to keep peace (if anything.) You may wish to include a personal description of each item so that the eventual recipient will read in your own words why you consider the item a treasure and why you wanted them to have it.
Millennials Need Wills & Estate Plans
For people who are just starting out and don’t have major assets and complicated family ties, estate planning asa DIY option or with an experienced attorney can be surprisingly affordable. “Adulting” can be a challenge, but with the help of Caring Hub’s resources and books, you will be able to establish a solid estate plan that will not only benefit you, but your loved ones as well.