Kent area residents often think about estate planning as something older people need to do to protect their assets. But everyone can benefit from estate planning, including millennials who could unexpectedly be affected by an accident or serious illness at any time. A living will is one such document that is extremely important.
For millennials, there are two important estate planning documents that they may want to draft. First, a millennial may want to look into an advanced health care directive. A car accident can adversely affect a person's life, for example, and major medical decisions may need to be made. It is important that a person knows who will be making these decisions and that they trust their decision making skills. An advanced health care directive comprises a living will and a health care proxy. The living will lays out a person's medical wishes if they are not able to communicate. The health care proxy is who a person chooses to legally make health care decisions for them. This can help make sure that families do not wind up in a disagreement.
The second important document for millennials is a durable power of attorney. This is a person that is designated to make financial decisions if they become incapacitated. A durable power of attorney can pay the mortgage, deposit checks and other financial obligations while the grantor is debilitated. Having this document prepared ahead of time can also reduce the family stress around financial matters.
Regardless of age, everyone needs to start preparing their estate planning documents. Estate planning is not just for those who are wealthy or have children, it can also include who makes important health care and financial related decisions for them.
Source: Nasdaq.com, "2 estate planning documents millennials need," Rachel Podnos, March 3, 2016