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How Millennials and Young Adults Can Also Benefit from Estate Planning

August 30, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

Say the words estate planning and the typical connotation is someone approaching retirement or thinking about approaching the end of their life. However, estate planning benefits far more age categories than just baby boomers and elderly individuals. Estate planning can benefit millennials and young adults too. In fact, some of the most important estate planning documents are those that are used while you are still alive and not only after you pass away. millennials need estate planning

Having a power of attorney document that enables somebody else to step in and take care of your finances or other responsibilities if you were to become incapacitated due to an accident or disability is equally important as looking into the long range to establish how you’ll pass on assets to your loved ones. Millennials often neglect the process of doing estate planning because they assume they don’t have big enough estate or that something will not happen to them. However, given that a growing number of people need to be concerned about long term care costs and the potential for incapacitation at least once over the course of their lifetime, it makes sense to plan ahead and to think about who will step in to take care of things on your behalf if you were suddenly unable to do so.

Using documents such as a will to name a guardian for your minor child also give you peace of mind that someone will be able to step in quickly if an accident does happen. No one anticipates becoming the victim of an incapacitating event or losing their life early on but millennials and young adults can show that they have a serious consideration of the future and how they intend to protect their loved ones by scheduling a consultation with an estate planning lawyer who has extensive experience in this field.

Do not hesitate to schedule a meeting with a lawyer you can trust. With so much on the line, there are many different things that must be considered and the tools articulated by a lawyer can go a long way in giving you the peace of mind and confidence about your future and the future for your heirs.

 

                                                                          

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