Many Kent area residents have taken the time to create an estate plan. However, not all ages believe that estate planning is for them. Millennials are one group who may think that estate planning is not something they need to worry about right now. But, the truth is that everyone needs an estate plan, regardless of age.
Millennials are typically defined as the generation born between the 1980s and 1990s. As this generation is currently in their 20s and 30s, most have finished school and are establishing themselves in a career path. Although millennials are typically not thinking about their death, it can happen at any time. A car accident or other unexpected event can take the life of a young person in just seconds.
Millennials need to spend a little time drawing up a basic estate plan. A will should be created that lists who should get a person's belongings, both financial and personal. Virtual assets should also be included. User names and passwords should be listed for all accounts so that loved ones will have access to them. Beneficiaries should be named in company 401k policies and life insurance policies. A bank account should have a payable upon death name associated with it. Finally, a durable power of attorney and health care proxy should be selected. These people will take care of a person's finances and health care decisions in the event they become incapacitated.
Most millennials will not need to use their estate plan until they are much older. But, having one in place early on in a person's life can ensure that their wishes are followed if the unthinkable happens.