There's a common misconception that only older folks need estate planning, but, in reality, every adult—including millennials—should have a plan in place. Wills, trust, and other arrangements ensure that your assets are distributed how you wish. Even though you may not have yet amassed considerable assets, what you have should be protected. Here are a few reasons you need estate planning and how a lawyer can help.

Benefits

Unfortunately, illnesses or accidents can tragically cut short lives of young people as well. Millennials can think of estate planning as an additional insurance policy—a way to take care of those you love and to leave a legacy that best represents who you are.

If a person passes away without a will or other estate documents, probate courts determine how their assets will be divided. What a court rules could be much different than what you would have wanted. Estate planning makes certain that your wishes are honored.

Millennials with children need an estate plan to cover crucial details about the care and raising of the kids. You can appoint guardians, designate what schools or religious services to attend, and allocate funds to their caretakers for the purposes of child-raising.

Estate planning safeguards your digital assets as well. You can include passwords to your online accounts and designate a caretaker for these accounts, allowing a trusted person to manage and resolve your online presence. You can also make provisions for who should inherit your digital currency.

How a Lawyer Can Help

A lawyer is crucial to designing the estate plan that best fits your needs and goals. They’ll work with you to find the most appropriate solutions for the size and scope of your estate. Wills, trusts, powers of attorney, and advanced healthcare directives are all typical components of a solid estate plan, and they’ll explain the advantages of each for your particular situation.

A lawyer will also make sure that all documents are legally sound, that they’re filed with the appropriate authorities, and that they conform to existing tax and estate laws. A lawyer will be your first point of contact whenever an update to the plan is needed, and they’ll inform you of any changes to the law that can impact how the plan is structured.

For estate planning help in the Genesee County, NY, region, trust Daniel R. McComb, Attorney at Law. With more than 35 years of legal experience, this lawyer offers comprehensive representation in estate planning, workers' compensation, personal injury, and Social Security Disability cases. Let Attorney McComb assist you at every stage of estate planning. Call (585) 343-2250 or visit his website to schedule a consultation.