What do Millennials Need to Know About Estate Planning?

There are many people in Michigan who may not feel as if they need an estate plan until they are older. However, it is important for everyone to create their plan as soon as possible in their life. This is because life is unpredictable and no one knows what tomorrow may bring. It is always better to be prepared than not, especially when it comes to the safety of your assets. It is because of this that millennials can benefit from an estate plan as well. Continue reading below to learn more about how this can be done and contact an experienced Michigan estate planning attorney for assistance. 

Protecting a Partner

Millennials tend to get married at a later age than those of last generations. However, they may still be involved in a long-term committed relationship. Those in these situations may want to protect their partner if anything happens to them. While marriage provides certain rights and benefits, unmarried partners do not have this. That is why these have to be explicitly stated in an estate plan. This can include:

  • Durable power of attorney: This allows a partner the right to act as an agent to act on your behalf regarding financial and legal matters.
  • Medical power of attorney: This allows a partner to make medical decisions on your behalf if you are unable to do so themselves.
  • Will or trust: This names a partner as a beneficiary so they can be entitled to your property.
  • Beneficiary designations: This names a partner as the beneficiary of retirement accounts, life insurance, stocks/bonds, etc.

Protecting Dependents

All parents want to make sure there are protections in place for their kids so they are safe if they are no longer around to take care of them. This can be done through a will or trust that states what happens to dependents when your life is over. These documents can also designate a guardian who will care for the children if they are still minors. A financial guardian can also be chosen to handle their finances until they are of age to do so themselves.

Protecting Digital Assets

Millennials grew up in the digital age. As a result, many of them manage their life online and have a variety of digital assets. This can include social media accounts, electronically stored data, financial accounts, pictures, videos, loyalty programs, airlines pints, etc. These assets can be taken care of by creating a list of the accounts as well as usernames and passwords to access them. Also appoint a digital executor who will be able to distribute them accordingly.

Contact our Firm

Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis & Griffor today to schedule a consultation.

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