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As a millennial, how close are you to making an estate plan?

If you are a member of the millennial generation, you probably have a full schedule of work, time with friends, travel and various other interests. If the idea of estate planning ever crosses your mind, you see it as something you do not need to be concerned with for years.

Such thinking is short-sighted, however. Everyone should have an estate plan, no matter how old or young they are. Furthermore, when you work with an attorney experienced with estate planning, putting the wheels in motion is not as onerous an undertaking as you might think.

Planning ahead

At your age, you may not think you have assets that are significant enough to bother with. Is this true? What about your collection of vintage mechanical banks? Your beautifully restored ’57 Chevy? How about your bulldog? What happens to Spike if something happens to you? A will is part of an estate plan so that you can make your wishes known about who gets the banks, who gets the Chevy and, of course, who inherits Spike.

Powers of Attorney

Your estate plan can also include a durable power of attorney for finances and one for health care, so that if you should become incapacitated, the people you select can step in to manage your day-to-day financial affairs and see that health care professionals follow the instructions you set out in these legal documents.

Addressing special situations

Like many millennials, you may have a life partner. The estate plan will ensure that your partner is legally able to manage your health care or your estate, if this is what you want. If you are married, you can appoint a guardian for your child, which is very important in the event you die or become incapacitated.

Making your own decisions

With an estate plan in place, you have recorded your decisions in your legal documents; the court cannot make them for you. This in itself is worth the time to sit down with your attorney and work out an estate plan that will protect you and yours. Once you have finished, you might want to plan a trip to celebrate—or at least treat Spike to a special dinner.

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Bebout, Potere, Cox & Bennion, P.C.
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Rochester, MI 48307

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