Our last few posts have focused on estate planning for young people. This is because many young adults are starting a new phase of their lives by going to college (or just graduating from college). Indeed, millennials do things differently than their elders, and planning for the future is no different.
Essentially, millennials are more likely to seek information online about how to create a basic estate plan, what to do to prepare for the unexpected, where important documents should be kept, and how to prepare death announcements and funeral programs. While these sites may be helpful, it is important to know about some of the things that online guidance documents may not cover.
This post will highlight a few of them.
What to do about passwords? Passwords run our lives, and it is likely that we have one for everything from our fantasy football site, to our bank accounts. If you are incapacitated or pass away, your executor should have access to your electronic assets.
Who should look after the kids? Also, having a go-to person to look after the kids, even on a temporary basis, is a critical part of an estate plan.
Who should be notified, and how? It is further helpful to have a short list of people who have critical information, such as an accountant or conservator, who can be helpful in navigating a persons property so that it can be properly distributed.
Ultimately, having a conversation with an experienced estate planning attorney can resolve common, as well as abstract questions about putting together a will.