You are a young person with your whole future ahead of you – but is it time to think about getting your will together? Estate planning may seem like something for the old folks, but the fact is that many Millennials are entering their 30s and need to start thinking about their family members’ welfare. Making sure that your beneficiaries are in order – and that your estate plan is airtight – can provide you with the peace of mind you need to prepare your relatives for the future.
If you are in your 20s or 30s, you may not think that having a valid will is really necessary. Today’s younger generation is surprisingly bucking the general perception of their fiscal irresponsibility and is, in fact, saving as much as they possibly can. However, saving is not the only part of being financially responsible – with two-thirds of Americans lacking an estate plan, long-term planning is largely being ignored. What can you do to prepare your beneficiaries for the inevitable?
First, consider crafting a durable power of attorney that allows someone else to oversee your finances and personal activities in case you cannot do so. This type of planning affords the peace of mind you deserve and allows you to protect your personal property and other holdings. In the event that you are incapacitated, you need to make sure that your family is cared for.
Next, consider speaking with an attorney about your financial picture and needs to make sure that your family is properly protected. Your lawyer can help you distribute life insurance benefits, estate assets and personal property in the way you prefer. A legal professional can take the stress out of estate planning while still allowing your family to receive maximum benefit.