Estate Planning and Millennials
Unexpected injuries and illnesses can happen at any age, it is important for to have the appropriate estate planning documents in place.
Young people often think that planning for end-of-life issues is something that concerns only older adults. However, unexpected injuries, illnesses, and chronic health conditions can happen at any age. When they do, it is important to be prepared. Having the appropriate estate planning documents in place provides numerous benefits for millennials. Estate planning conveys your final wishes and allows you to designate beneficiaries of your property and assets. It releases your family from the painful process of having to guess what you would have wanted or make important decisions on your behalf. It also saves time and money in probate court proceedings.
Why Millennials Need to Have Estate Planning Documents in Place
Young people have a tendency to think of death and disability as something that is decades away from impacting them. The fact is that unexpected events can happen at any age. According to the Population Reference Bureau (PBR), accidental injuries and illnesses are common among millennials, which is the name given to the generation comprising people in their early 20s to late 30s. Among the leading causes of death and disabilities for this age group include:
- Car accidents, slips or falls, and sports or recreation injuries
- Deadly diseases such as cancer, leukemia, or lung disease;
- Chronic health conditions, such as heart disease, high blood pressure, breathing disorders, or diabetes, which can go unchecked due to a lack of proper medical care.
When these types of injuries and illnesses do occur, estate planning documents help to ensure you and those you care about are protected.
Estate Planning Documents for Millennials
Young people may not have had decades to accumulate significant amounts of money or property. However, it is important not to overlook the assets you do possess. Personal belongings, cars, sporting equipment, funds in bank accounts, and retirement benefits are all assets that could be subject to costly and time consuming proceedings in the Florida Probate Court if the proper documents are not in place. Estate planning for millennials makes provisions for all of these assets and should include:
- Last will and testament, which outlines your final wishes along with how you want your personal assets and property distributed in the event of your death.
- Advance directives, such as a living will and Do Not Resuscitate orders, which gives instructions if you are incapacitated and unable to communicate;
- Powers of Attorney, which allows someone you designate to access bank accounts and attend to details, such as rent or utility payments, if you are unable to do so yourself.
Get Help From Our Boca Raton Estate Planning Attorneys
At Ged Lawyers, LLP, we help millennials put the documents they need in place to protect themselves and their family members. Putting off this important task could have major ramifications for those you love. To discuss your options, call or contact our Boca Raton estate planning attorneys online and request a free case review today.