Many young people make the mistake of thinking estate planning is only for those who have reached retirement age. The reality is that every adult can benefit from making sure their affairs are in order. This is especially true for millennials as they begin to experience major life milestones, such as getting married, having children, and buying a home. As a member of Generation Y, it’s important to understand the following reasons you shouldn’t delay planning for the future. 

3 Reasons Millennials Should Consider Estate Planning Now 

1. Name a Medical & Financial Decision-Maker 

One of the biggest benefits of estate planning is the ability to name someone you trust to make medical and financial decisions on your behalf should you become incapacitated. After you turn 18, your parents will no longer have the legal right to speak for you. Adding a health care directive and durable power of attorney to your estate plan will give you the opportunity to leave instructions for your end-of-life care and decide who should have the authority to access your accounts and manage your money. 

2. Appoint Guardianship for Minor Children 

If you have already started having children, estate planning becomes even more crucial. Drafting a will is the only way to legally appoint guardianship of your minor children if you pass away prematurely. This is a decision that should be made carefully, as it will determine who will be raising your kids. Without a will to indicate your intentions, it will be left up to the court to decide where to place your children.  

3. Avoid a Lengthy & Expensive Probate Process

Probate is the legal process of validating a will and administering an estate. The proceedings are often costly and time-consuming, but even more so when a decedent doesn’t have an estate plan. Strategic estate planning can minimize the fees and time associated with probate, and sometimes, helps avoid it altogether. This will ease conflict among family members and ensure your assets are distributed as you desire.

Proper estate planning allows you to make your preferences known upon incapacitation or death and keeps your loved ones from bearing extra burdens at a time full of stress and grief. An established attorney from Castles Family Law can assist you in creating a plan that stands up in court and ensures your final wishes are upheld. They have worked with numerous Brentwood, TN, millennials and are experienced in identifying the unique estate planning needs of individuals that fall within this generation. Call (615) 804-6086, or visit their website for more information on how they can help you prepare for the unexpected.