Since estate planning involves determining how assets will be distributed to heirs after death, many millennials don’t feel the need to create wills and trusts until they reach old age. Even if you’re still figuring out your career goals and don’t have children, you should still consider getting your affairs in order. Review some of the benefits of drafting your estate in the guide below.

Why Millennials Should Plan Their Estates

1. Assign Guardians for Pets

Instead of having babies, many millennials choose to become pet parents. They enjoy more freedom by owning a pet instead of raising a child. If you pass away unexpectedly, someone will need to take care of your furry friends.

In your will, you can assign emergency caregivers for your pets. These contacts should be willing to make the pets a temporary or permanent part of their lives. Let the caregivers know about each animal’s diet, medical needs, exercise regimen, and veterinarian information.

2. Make Sure Healthcare Directives Are Followed

Millennials value immersive experiences, which is why many prefer to spend their paychecks on travel. On average, millennials take five trips a year. These travelers prefer adventurous activities, such as hiking, sky-diving, and zip-lining, more than previous generations.

Many of these activities are dangerous, so a lawyer should help you draft an advance directive. The document outlines the medical care you’ll receive if you get injured and become incapacitated.

You can also assign a health care proxy. This person will speak on your behalf regarding medical decisions. You should let this person know about the decision and make sure they’re comfortable with the responsibility. 

3. Keep Finances on Track

On average, millennials have $27,900 worth of debt. Much of that debt is attributed to credit card bills and student loans. If you die or become incapacitated in an accident, you’ll miss payment due dates, and these accounts could go into arrears.

While estate planning, you should decide who will handle your finances. An estate lawyer can draft a financial power of attorney. The document names a person who will handle your financial obligations and control your accounts if you can’t. 

 

For professional estate planning services, contact Trailhead Estate Planning in Signal Mountain, TN. Licensed to practice in Tennessee, Georgia, and Alabama, the attorney is well-versed in probate law and will ensure your wishes are upheld in court. To make sure all your bases are covered while planning your estate, call (423) 228-7029. Learn more about the practice online.