However, it still remains true that you should consider and start taking care of the personal, monetary, and legal components of estate planning as soon as you can.
WHO ARE THE ESTATE PLANNERS? Estate planning is whatever you undertake to make arrangements for your eventual death or potential incapacitation. You can choose what you want to happen after you pass away by creating an trust or a will .
Here are four explanations for why millennials should make an estate plan.
#1 FOR THEIR GRANDKIDS Anyone with small children must designate a guardian for them as part of their estate preparation. The children will reside with the guardian.
A conservator should be selected as the person in charge of all financial matters because they will look after the children’s assets.
For their digital assets, see #2 It’s crucial to make a list of all the online spaces you occupy, from social media profiles to blog sites to email addresses, so that your preferences can be respected.
Maybe you want to preserve your Instagram page.
No matter the asset, it’s critical to maintain a safe record of the user names, passwords, and instructions for all of your accounts.
FOR THEIR PETS, #3 In a 2020–21 survey , it was discovered that millennials made up the largest percentage of pet owners in the country. If you have kids, you might want to make sure the family pet stays home.
In contrast, if you don’t have children, you might prioritize protecting your pet’s future over other estate planning objectives.
Without a legal plan, a beloved pet may end up somewhere outside of your control.
For their business, in #4 Most business owners are so engrossed in the day-to-day running of their company that they don’t even have the time to think about a time when it might operate without them.
You can engage with estate lawyers to prepare business succession if you’re a small business owner. This guarantees that you will have a strategy in place for how your company can function and expand without you.
LAST THOUGHTS I am aware that considering something of this type is intimidating and frightening. But you must be ready because you have to be for a number of reasons!