Kent area residents should understand that estate planning is not just for the older generation. Although many people assume that those who have a great amount of assets or are approaching the end of their lives should have an estate plan, estate planning is actually for everyone, millennials included.
No one finds the planning for what would happen if they suffer an untimely demise. It's not a pleasant topic for most discussions and can be depressing. But, even millennials can benefit from an estate plan. For millennials, having a will can dictate where assets should go upon a person's death. It can also be the place where guardians are named for children and name an executor for the estate. Another important document for millennials is a living will. This document can list healthcare wishes in case a person has a medical crisis where they are not able to communicate their desires. A healthcare proxy should also be designated to make healthcare decisions in the event of a medical emergency. And, naming a durable power of attorney to handle financial decisions if a person is no longer able to make these decisions on their own.
There are many ways in which estate planning is important for millennials. Estate planning is not just for older people, there are many benefits for younger people as well. Since we don't know when our time will be up and an emergency can happen anytime, having an estate plan in place just makes sense. An attorney who specializes in estate planning can help their client create an estate plan that makes sense for their current life situation. An attorney understands what millennials need in their estate plan and can educate their client on how important an estate plan can be for their current life situation.
Although no one wants to think about what would happen if they die, having a plan in place just in case is smart. No matter what life stage a person is in, an estate plan is important.