As a millennial, you may be starting a family, but it’s also possible that you haven’t devoted too much thought to estate planning. Even though it may seem early to draw up a will and purchase life insurance, putting together your estate plan now will give you a great deal of peace of mind over the upcoming years. Below are some of the best reasons to set up an estate plan now.

Why Millennials Need to Consider Estate Planning

What’s an Estate Plan?

The documents that make up an estate planning are critical components of a well-rounded plan that ensures things proceed smoothly for you, your family, and your dependents in case something unfortunate should happen to you. Here are some of the most notable:

• Life insurance: This provides for your spouse and kids if you are no longer there to do so.
• Disability insurance: This insurance policy provides you with income if you become incapacitated and unable to work.
• Power of attorney: This assigns decision-making power to one or more individuals in case you are unable to make financial or medical decisions for yourself.

How Does Estate Planning Benefit Millennials?

• Social Media: Your will can instruct surviving friends or loved ones how to manage your social media accounts. You can decide whether your existing accounts, images, and video content should remain online, or whether they should be deleted. You can leave instructions on how to do so in your will, along with your login information for each account.
• Charitable Concerns: If you’re politically active or environmentally concerned, you can choose to leave a donation to one or more of your favorite charities in your will. 
• Protecting an Unmarried Partner: If you have a partner but are currently unmarried, naming them in your estate planning documents, such as your will or life insurance, will allow you to care for them financially even after your passing. While marriage provides a spouse with automatic rights in the event of your death or incapacitation, an unmarried partner needs to be named explicitly in your estate planning documents for them to receive these same benefits.

To have an experienced attorney guide you through the estate planning process, contact the Upstate Legal Center of John V Shepard in Rochester, NY. They have served clients of all generations in and around Monroe County for more than 30 years. In addition to estate planning, they also offer services in criminal law, corporate law, bankruptcy, and DUI defense. Visit their website to learn more about their legal services, or call (585) 429-5422 to make an appointment.