Millennials are no strangers to personalized options, from customizing pop flavors at the movie theater to working in a freelance capacity that provides the freedom to choose professional projects.
It makes sense, then, to have personalized plans for the future; this includes estate plans.
Financial plans
Finances are a significant element in estate planning. You may have a strong opinion regarding who should manage your finances if your are incapacitated, or who should administer your estate should you pass away. It’s likely you would also want to designate who should receive your assets after you’re gone.
You might also think about charitable donations, trusts, and other planning options that involve specific property or funds. And don’t forget about your digital assets that may require distribution or management.
Personal care
In addition, you likely have personal preferences about who should make medical decisions on your behalf if you become incapacitated, and what types of medical decisions you’d want them to make. Similarly, you may have a strong opinions about organ donation, burial versus cremation, and–as did one of our clients–whether you’d like your remains to be sent into space. These are personal decisions that you can establish in your estate plan.
Protection for loved ones
Your siblings, spouse, partner, children, and even your pets can benefit from your having an estate plan. An estate plan alleviates much of the stress loved ones can experience when someone passes away without a will or other planning documents.
Having a will and choosing a personal representative can take the burden of guessing what you’d want from your loved ones, and prevent such decisions from being made by a judge. With an estate plan, you can provide critical direction and establish guardians and caregivers for those who depend on you.
Building the right plan for you
You have specific assets, wishes, and people to protect with an estate plan. If you do not create one, important decisions could be made by someone who has never even met you and be based on state laws with which you may not agree.
To avoid these default situations and to protect those who matter most to you, consider meeting with an experienced attorney to create an estate plan tailored to your specific needs and goals.