Despite the importance of preparing for the future, it’s common for those in their twenties and thirties to put off meeting with an estate planning attorney. However, life is unpredictable, and regardless of financial status or age, an unforeseeable event could result in sudden death or incapacitation. Here’s an overview of why you should have an estate plan in place, even if you identify as a young and healthy millennial.

The Benefits of Having an Estate Plan 

With an estate plan in place, you’re able to maintain control over how your assets are distributed upon your death. If you don’t leave instructions in a will or trust, your property will pass to your closest relative. This can end up excluding many of your loved ones and leading to family disputes. An estate plan also ensures a smoother transfer of assets, preventing costly and inconvenient delays for your beneficiaries.

If you have minor children, a will is the only way you can appoint a trusted guardian to raise them should both biological parents pass away. When there isn’t a will to refer to, it’s up to the court to choose a guardian. Another benefit of estate planning is it allows you to name someone to make medical and financial decisions on your behalf in the event you become incapacitated. 

Estate Planning Considerations for Millennials

As a millennial, you may have several unique considerations to address with an estate planning attorney. Most people in this generation have digital assets, including social media profiles, emails, and online music subscriptions.

It’s essential to plan for who will take over these aspects of your life after you pass away. Cohabitating has also become increasingly common among millennials. Because the law doesn’t give legal rights to non-family members, an estate plan is your only option for passing property on to a long-term partner.

When to Update an Estate Plan 

Over time, you’ll go through different life experiences that can change your final wishes. Thus, once you have an estate plan, it will need to be updated periodically to keep up with your current circumstances. Consult with your estate planning attorney if you get married or divorced, have a child, buy a home, start a business, receive a big promotion, or move to a new state.

If you have yet to get your affairs in order, reach out to an estate planning attorney at Vernau Law LLC for guidance. They’ll help you prioritize your goals and create a comprehensive estate plan that meets your specific needs. For more than 25 years, they’ve served as the top resource in Licking County, OH, for clients of all ages seeking sound legal advice. Call (740) 587-2637 to set up a consultation, or visit their website for more information.