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Is estate planning necessary for millennials?

On Behalf of | Sep 29, 2022 | Estate Planning

With its booming economy and abundant job opportunities, Maryland has seen an influx of millennials. These tech-savvy young people are not only spending more, but many are also more efficient savers than generations from the past. However, a lot of them think that estate planning is unnecessary. Planning for the future is essential, no matter what your age might be. There are many things to consider when putting together a well-thought-out estate plan.

Minor Children

One of the most critical issues to address when you are estate planning is who will care for your children after you die. If you have minor children, it is extremely important that you have a will so that you can choose who will be responsible for your offspring after your passing. If you die without a will, that decision will be left in the hands of a probate court. You also need to decide how your life insurance will be distributed; many insurance companies will not release benefits to minors. These benefits will go to someone that the court designates as a guardian to your children. To make sure that your children receive the money that you want them to have, you should consider setting up a trust.

Health Care Provisions

Estate planning documents can be extremely helpful if you become incapacitated. For example, if you get a life-threatening illness or are involved in a catastrophic accident, documents such as a power of attorney or a living will can be very useful. They may help ensure that your wishes will be carried out.

Digital Assets

Millennials are a generation that grew up online in a digital age. When planning your estate, it is important to have a plan to deal with your digital assets. How do you want your online presence represented? You could have your Facebook page memorialized, or would you prefer to have it deleted? From your digital photos to online accounts, plans about how they are managed are essential.

No matter your age, estate planning is important. It will give peace of mind to you and your loved ones. Having a viable plan will also ease the burden of your passing.