For those born between 1981 and 1995, estate planning may be associated with older generations and with being very wealthy. However, many millennials are at the age where they may be starting their own families or caring for aging parents. As millennials take on more responsibility in caring for loved ones, there is a greater need to plan for the possibility of becoming seriously ill or incapacitated as well as for how their family will be cared for after their death.
Where Can I Start?
Starting with the basics can help younger clients prepare for the future and protect their loved ones:
Last Will and Testament
Creating a will for your family makes it possible for you to make decisions about what will happen to your assets after you pass away and decreases the burden for your loved ones. An extremely important part of this for millennial clients with minor children is naming a guardian in your will who can care for your children should both parents pass prematurely. It is worth carefully choosing who will step into your shoes should the unexpected occur.
Power of Attorney
A power of attorney allows someone else to handle your affairs if you become unable to do so yourself. A power of attorney is often utilized when one is unable to manage their financial affairs, such as paying bills and handling banking. Appointing someone you trust who is able to assume your responsibilities can protect both you and your loved ones.
Health Care Proxy
A health care proxy or advance directive allows you to choose an individual who can make medical decisions on your behalf. Although this may seem less necessary when you are young, it’s important to keep in mind that accidents and life-threatening diseases can still occur. Having this designation in place ensures that someone you trust can make decisions for your medical care should you need this.
What Comes Next?
Estate plans are always changing as our lives are. After you create your estate plan for you and your family, make sure to revise and modify this plan as needed to ensure your family will be cared for and protected.
For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Deerfield, Illinois office.
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