An estate plan is not just for older, married people

by | Dec 22, 2018 | Estate Planning |

There are certain aspects of life that New Yorkers will prioritize based on their age and current life situation. For example, a person with a family who is established in his or her career will likely place a greater emphasis on having all the essentials in place. That includes health insurance, a stable home, a stable job and an estate plan. For younger people – especially millennials – these might take a backseat toward becoming established and enjoying life with a freewheeling attitude. However, the failure to take the necessary steps in drafting estate planning documents is something these individuals regret every day. For millennials, understanding what documents are important and why is key to having a viable estate plan.

There are many incidents and accidents that can befall a person at any age. People do not like to think about the potential dangers that lurk around every corner, but today, there are so many risks that come from the behaviors of others that it is impossible and unwise to fail to account for these worries with estate planning. Having extensive and comprehensive documents for the future after a person is gone might not be as imperative when that person does not have dependents and major assets, but it is still a vital part of life. There are certain steps that millennials should take when crafting an estate plan.

A will is useful as it will divide the person’s property among those who he or she desires. This includes financial and personal items. Social media accounts and entertainment collections should be part of that. A record of bank accounts, personal accounts, social media accounts and the usernames and passwords can be important to access key information. Even millennials might have retirement accounts. If there is a 401(k), a life insurance policy and more, having a beneficiary listed is imperative. A payable-on-death account lets the person designate a beneficiary and will shield the account from the probate process. For those who could become incapacitated, a frequent regret is not having a health care proxy and a durable power of attorney so a trustworthy family member or friend can make medical and financial decisions on the person’s behalf.

For millennials or people of any age who are weighing the pros and cons of an estate plan or are simply unsure of what documents and devices are beneficial to their unique circumstances, having professional advice can assuage their concerns and give them guidance on how to proceed to suit their needs. A law firm that is experienced in all areas of estate planning for people of any age can help.