To many millennials—who are in their 20s and 30s now—it may seem unnecessary to work with an attorney to develop an estate plan. Many may feel, because of their youth and good health, they have decades before they have to worry about wills, life insurance, and powers of attorney. However, accidents happen every day. A sudden, unfortunate event could prove disastrous if you’re unprepared. Below are some key reasons millennials should consider estate planning.
Why Do Millennials Need an Estate Plan?
1. Student Loan Debt
The education that millennials have received has resulted in considerable student loan debt. If you should die or become incapacitated, any loan co-signer must pay off the remaining debt. A moderate life insurance policy designed to pay off your debts would relieve them of the burden to settle the terms of your student loans.
Do you have a spouse or children who depend on your income for support? If you can’t provide for them, would they struggle financially? If so, a life insurance benefit would help them survive until they've adjusted to your loss.
3. Power of Attorney
If you should experience an accident or illness that leaves you physically or mentally unable to make decisions for yourself, who would you trust with your care and welfare? You can assign them power of attorney and let them make decisions about your finances and health care.
4. Child Custody & Bequests
If you’re a single parent, a will enables you to choose who should have custody of your children if something were to happen to you. Custody isn’t a decision you should leave to someone else, particularly a judge. A will also lets you direct your assets where you want them to go: to a family member, a charity of your choice, or a business partner or friend.
To have an attorney help you develop an estate plan that protects you, your family, and your loved ones in the event of misfortune, contact Kevin R. Bryant Attorney at Law in Crossville, TN. Their team, which has served clients in and around Cumberland County for more than 15 years, has deep ties to the community. They specialize in child custody, criminal defense, family law, and civil litigation. Visit their website to learn more about them, or call (931) 787-1004 to schedule a consultation.