Millennials at a table

Estate Planning for Millennials

You’re young, fresh out of college and starting your career – your whole life is ahead of you! The thought of getting your legal affairs in order by creating an Estate Plan likely hasn’t crossed your mind. You’re probably thinking you won’t need one until you’re rich or retired – or both! Most 30-somethings would agree but think again – you probably have more to plan for and protect than you think!

Do you have a 401k or a life insurance policy though your employer? Maybe you own a home, or plan to purchase a home someday. Your car, your bank account, the tidy sum you inherit from a family member all adds up. Now suddenly, you have something to protect and to pass along if you meet an untimely demise.

If you plan properly while you’re still able, your estate planning attorney will pass, sooner or later, without being ravaged by the costs and delays of Probate. What is Probate, and why is it to be avoided?

After you turn 18 it can be more difficult for your parents to assist in a crisis if you have not designated powers of attorneys. If your parent’s pass away who will step into that role? A revocable Trust includes medical and financial Powers of Attorney as well as a HIPPA waiver. These documents allow whomever you elect to step in and help should you become temporarily incapacitated or if you pass away. Your Trust documents will also include your final wishes. Death, especially when it happens unexpectedly is a very emotional time and people don’t always think clearly. When you have an estate planning in place you will ensure that your wishes are clear to your loved ones. Do you want to be buried or cremated? Do

you want to donate your organs? These are decisions that need will need to be made quickly after you’ve passed and not under distress.

Lastly, you’ll want to protect your digital assets. Social Media accounts live on long after someone has passed. Your digital assets also include any mobile banking, cryptocurrency accounts, email accounts etc. User agreements or privacy policy are often disregarded when we sign up for digital accounts. We scroll to the bottom and check “I agree” without reading a word of it. Your Living Trust will allow you to appoint someone to access, make changes and even delete those account on your behalf after you’ve passed.

You may not possess the wealth you desire at this current moment but that doesn’t mean that you never will. The assets you currently have need to be protected and any future assets as well. Life Planning Inc can help you assess what you have and provide you with a comprehensive Estate Plan. We offer Free Consultations. Take the first step today by calling us at 480- 541-7727

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