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Why should millennials focus on estate planning?

On Behalf of | Oct 28, 2020 | blog

While estate planning is typically seen as an activity for people nearing retirement age, millennials in Pennsylvania can benefit from planning their estate as soon as possible. Even if they don’t have many financial assets, the process can help them ensure that their estate is divided up according to their wishes. Estate planning also allows them to choose an agent to act under a power of attorney and make other important medical and legal decisions.

What kinds of documents do millennials need to focus on?

During the estate planning process, every millennial needs to have a power of attorney. The person appointed will have the power to make financial decisions on the principal’s behalf in the event of incapacity. They should also write a living will that specifies their end-of-life care in the event that they’re involved in a serious accident or become terminally ill.

Millennials should also make a plan for their digital assets. For example, they might wish to have their social media accounts shut down or memorialized. They might also want to give their family instructions for contacting their online friends in the event of their death.

Additionally, millennials should have traditional documents like a will that distributes their assets. Even if they don’t have many financial assets to their name, a will can prevent their property from being distributed pursuant to the state’s intestacy laws. If they die without a will, they have no control over who gets their financial assets like properties and savings accounts.

Where can millennials find help with estate planning?

An attorney may be able to help millennials plan their estate. The attorney might assist with writing a will, choosing someone as an agent, specifying end-of-life care, and naming a guardian for their minor children.