Estate planning is a critical aspect of financial planning that is often overlooked by many Millennials. It involves creating a plan for the distribution of your assets and property after you die and planning for management of your assets and property if you become incapacitated. While estate planning can be challenging and complex, it is a necessary step for Millennials to take in order to ensure their financial security and that their loved ones are taken care of. Here are some of the best strategies and options available to Millennials for estate planning:
- Create a Will: A Will is a legal document that outlines how your assets and property will be distributed after you die and to name Guardians for any minor children. It is important to create a Will to ensure that your wishes are carried out and your assets are distributed according to your desires. Consider hiring an attorney to draft your Will.
- Establish a Trust: A trust is a legal entity that holds your assets for the benefit of you and your beneficiaries. Establishing a trust can be a good option for Millennials who want to avoid the costs and delays of probate, a legal process that validates a Will. Trusts can also provide protection from creditors and lawsuits for beneficiaries after they are irrevocable. Millennials can work with an estate planning attorney to establish a trust that meets their needs and those of their family.
- Consider a Living Will or Advance Directive: A living will or advance directive is a legal document that specifies your healthcare wishes in case you become incapacitated. It is important to have an advance directive to ensure that your loved ones know your healthcare wishes and can carry them out if needed.
- Consider a Financial Power of Attorney: A financial power of attorney is a legal document that designates an agent to perform financial transactions on your behalf in the event of incapacity.
- Designate Beneficiaries: Designating beneficiaries on your bank accounts, investment accounts, retirement accounts, and life insurance policies can ensure that your assets are transferred to the people you choose after you die. You can typically update beneficiary designations online through your financial institutions or by completing forms available from the financial institution.
- Keep Your Estate Plan Updated: It is important to regularly review and update your estate plan as your life changes. Marriage, divorce, birth of a child, or the acquisition of new assets should prompt you to update your estate plan.
Millennials face unique challenges when it comes to estate planning. One of the main challenges is the complexity of estate planning. Millennials can overcome this challenge by working with an estate planning attorney to create a plan that meets their unique needs and circumstances. At Grissom Law, LLC, our attorneys will take the time to explain all your options, help you secure your finances and make sure your loved ones are taken care of. Call us at 678.781.9230 to schedule an appointment to discuss your needs. By creating a Will, establishing a trust, considering a living will or advance directive, designating beneficiaries, and keeping your estate plan updated, you can create a plan that meets your unique needs and circumstances.
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This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.