A word for millennials on estate planning
In our last post, we talked about how estate planning can be a New Year's resolution, just like pledges to drink less, to get in shape, or to spend more time with family. While this may be important to those close to (or considering) retirement, the message may fall upon deaf ears for millennials.
Nevertheless, people in their early thirties are not immune to life events that can lead to questions about their estate. After all, this is the stage of life where people start getting married or begin living together, some may already have children, and others stand to inherit a great deal from their elders.
These situations should lead millennials to consider what is needed to protect their assets. Indeed, this may be a new way of thinking because you may not have much in terms of real estate or securities, but developing a proper mindstate is important not only for developing a portfolio, but also for providing for future generations.
As we have said in prior posts, people at this stage of life may not necessarily need an elaborate estate plan. It could just begin with a simple will that details how one's possessions should be distributed along with a basic list of assets. It could also begin with just a durable power of attorney to give someone the authority to make financial decisions in the event you are incapacitated.
The options available for simple estate plans necessitate the need for a conversation with an experienced estate planning attorney. Perhaps this should be a New Year's resolution as well.