Millennials may think estate planning isn’t for them, it’s for their parents. However, millennials do need an estate plan. Read on for some of the things millennials should consider in their estate plan.

Estate Planning for Millennials

Powers of Attorney

All adults – including 18-year-olds – need a durable power of attorney. This will allow a trusted family member (or friend) make decisions on your behalf if you are unable to do so yourself.

All legal adults should also have a health care surrogate. A health care surrogate is similar to a power of attorney but is specifically for health care. When executed properly, it allows a family member or friend step in and make health-related decisions on your behalf. This can be helpful if you are in a coma or under anesthesia and a critical situation arises.

Wills and Trusts

Some millennials will have a need for a will or a trust and others won’t. Whether you need one depends on your assets, the type of assets you have, and your goals for those assets. If your assets can all be transferred through joint ownership or a beneficiary designation, you may not need a will. However, if your assets are a bit more complex and/or varied, you may need a will or trust. A local estate planning attorney can help you sort through what is needed.

Millennials with Children

If you are a millennial with a home and children, your needs are going to be different from the 20-year-old college student. Your goals are likely more oriented towards making sure your children are cared for in the event of your untimely passing.

Millennials with Pets

If you have pets, you may also want to make special provisions for their care in the event of your untimely passing. If you have children, you may want the pets to stay with the children. Even if you don’t have children, you may want your pet’s future to be protected so they don’t wind up at the shelter.

Millennials with Student Loans

If you are like most millennials, you likely have student loans to some degree. If you have private student loans, you may want to take steps to protect any other co-signers and your estate. A local attorney can guide you on things to consider when it comes to student loans and your estate.

Need Help?

If you need help creating or revising your estate plan, contact a local attorney today. An attorney can advise you on what documents you need and what you don’t. There is no one-size-fits-all estate plan.