For many millenials, estate planning can be a morbid topic. After all, they are too young to think about what would happen to their property if they passed away. Also, they may not feel as if estate planning would be appropriate for them since they do not have many of the wealth, assets and real property that many older people have who have thorough estate plans.
However, as we have noted in other posts, you don’t need to be rich or old in order to have an estate plan. This post will highlight several things that people in their 20’s and 30’s should consider.
Children – Indeed, young people may not have amassed a great deal of wealth, but having plans for how children shall be cared for in the event they can no longer do so is important. The legal process for determining this can be expensive and unpredictable. As such, young people should consider a guardianship plan.
Pets – Many young people consider pets to be like family. So like guardianships for children, young people can also include plans for how to take care of their pets in the event they can no longer do so. Since pets are considered property, they will be distributed according to state law unless a will says otherwise.
Decision-making power – Young people may also want to appoint someone to make decisions on their behalf in the event they are incapacitated. This may include a boyfriend, girlfriend or spouse to make decisions on medical treatment or other legal processes.