Many millennials put off talking to an estate planning attorney because they think this is something that doesn’t have to be addressed until later in life. However, failing to have plans in place can put you, your family, and your finances at risk if something does happen.

A Guide to Understanding the Need for Estate Planning

Why Are Estate Plans Important?

Your attorney can explain the traditional reasons to get an estate plan set up early, such as preparing for a debilitating illness or ensuring your children will be cared for in your absence. While these are certainly valid reasons to create a will and other documents, millennials face many more reasons to prepare for the future with a comprehensive estate plan.

For instance, more millennials are pet owners and consider them to be beloved members of their families. If this describes you, you may want to select someone to care for your pet after your death or in the event of a serious illness. You can do this in your will, so you can feel confident that your pet’s future is secure.

Millennials also travel more frequently While It’s relatively safe, there’s no telling when an accident may occur, or when you may contract an illness in a foreign country. Either of these situations can leave you unable to communicate your wishes, so it’s important to set up a health care proxy and financial power of attorney.

What Should a Millennial’s Estate Plan Include? 

A basic estate plan will include a will and powers of attorney, but a comprehensive plan will include other documents. For instance, a living will can help you transfer assets, including real estate, to loved ones more quickly. A living trust bypasses the probate process, which means your beneficiaries will receive their inheritances more quickly and without the risk of losing those assets to creditors.

Even your online credentials can be managed in your estate plans. Already, millennials have started choosing digital executors to manage their social media, online shopping, and other digital accounts after they die. The goal is to ensure online accounts are either memorialized, such as is the case with Facebook accounts, or deleted altogether. This prevents sensitive data, or embarrassing digital content, from falling into the wrong hands.

When you work with an attorney who offers estate planning services, you can discuss your concerns and develop a plan that addresses those needs. Osborne, Tripp & Schmidt is located in Sparta, WI, and serves western Wisconsin, the Driftless area, and the Coulee region. To learn more about the services they offer, visit their website. To set up an initial consultation with one of their friendly and knowledgeable attorneys, call (608) 269-2400.