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Estate planning tips for millennials

Some Texas residents may still believe that estate planning is only necessary for people over 50 or 60 years old or perhaps for people who are considered wealthy. However, that is far from the truth. The reality is that anyone can benefit from an estate plan and that includes millennials.

As NerdWallet explains, millennials should at a minimum consider creating an advance health care directive. This can be extremely important for millennials' family members if they ever become incapacitated as it provides the ability for someone else to make health-realted decisions on their behalf. It can also outline a millennial's wishes for care or treatment in certain situations such as whether or not they should be kept alive artificially.

One Smart Dollar adds that identifying basic allocation of assets and even a person's choice for post-death plans can be a way of assisting loved ones at a time when they would be grieving. When a parent experiences the death of a child, even if that child is a legal adult, the grief can be extreme and any decision that is able to be taken off the shoulders of a parent during this time can be helpful.

As today's oldest millennials become parents, they should also give consideration to establishing guardianships for their children should they die while their kids are still minors. A good estate plan can also outline financial protection and care for their children. Millennials who have started or bought into businesses will find that an estate plan offers the ability to protect a growing business after an unexpected death.

 

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