No matter how old you are, it is important to have an end-of-life plan in place. Nevertheless, approximately 55 percent of adults in our country pass away without an estate plan or a will. Considering how easy and inexpensive it is to complete a basic estate plan that will save your relatives a lot of legal hassles and difficulty, this is certainly a shame. This article will what millennials should know about estate planning to ensure that they have all the necessary documents on file.
First, you will want to have a will. This document outlines who will serve as the executor of your estate after death. This person will manage the dispensation of your assets to heirs in the manner you lay out in the will.
Second, you may want to consider setting up a living trust. This is actually one of the preferred ways of transferring assets after death because it allows families to avoid probate proceedings. Basically, the trust will contain different types of personal property and describe how it will be divided up among heirs.
Third, a durable power of attorney and a health care proxy are absolutely essential. These document allow you to choose who will manage decisions about your financial and medical affairs in the event that you are incapacitated. Without a power of attorney in place, courts will appoint a family member to be in charge of these decisions. However, family members might fight over control of your affairs and/or someone you do not approve of could be assigned to your estate.
Finally, in addition to the above essentials, New York millennials may also want to talk to an estate planning attorney about having an Advanced Health Care Directive and a HIPPA Release Form in their files. These documens offer instructions on how you should be medically cared for, and they give more direction and authority to the person who is making decisions about their care.
Source: Benzinga, “Millennials And Estate Planning: How To Get Started,” Rebecca Sheppard, Feb. 08, 2016