Millennials have, without a doubt, grown up in turbulent times. From September 11th to the coronavirus pandemic, Generation Y may be more accustomed to uncertainty than their other postwar counterparts. While some financial planners have lamented Millennials’ disdain for chain restaurants and big-box stores, young Americans—more often than not—have concerns that transcend convention.
However, Millennials—like every generation before them—must remain forward-thinking, treating their estate, their health, and their wealth with the caution befitting of our ever-changing world.
Why Your Estate Deserves Your Attention
Almost everybody can appreciate that estate planning is a practical necessity. However, far too few Americans ever take the first step toward assembling a comprehensive estate plan. According to some recent estimates, up to 50% of adults—including those approaching retirement—have yet to write even a simple will.
While many Millennials might suspect that creating an estate plan is an endeavor best saved for later, a robust estate plan encompasses much more than end-of-life provisions and inheritance decisions.
The right estate plan, could, in fact, help you protect your health, safeguard your wealth, and defend your finances from uncertainty.
An Estate Planning Checklist for Millennials
Every estate plan should include—at a bare minimum—a will and powers of attorney. However, Millennials may have to accommodate more than convention. You could benefit from:
A Last Will and Testament
For better and for worse, Millennials are still finding their place in America’s uneven financial landscape. If you are just starting your career, or still struggling to overcome student debt, a will could seem like overkill.
Nevertheless, a will is the only way to make an informed decision about how your assets should be distributed after your death. Without a will, your possessions and properties will be disbursed in accordance with a pre-determined legal formula—a formula that could benefit your closest living relatives, rather than your desired heirs.
A Designated Guardian
If you have children, you need a guardian. While no parent wants to imagine their child growing up without their mother and father, you should still prepare for every contingency.
Fortunately, designating a guardian is not difficult. When you prepare a will, you could include a clause designating a desired guardian—preferably somebody you trust, and somebody who is willing to take on an enormous responsibility in the event that you are ever incapacitated.
Durable Powers of Attorney
The durable power of attorney is a document that empowers a designated agent to make financial transactions on your behalf. This could include paying your rent, staying atop bills, and managing your income.
A well-considered estate plan will only extend the durable power of attorney if you are incapacitated or otherwise unable to make decisions for yourself.
The Designation of Health Care Surrogate
While you might still have time on your side, accidents happen with alarming regularity. If you became sick, incapacitated, or institutionalized, what treatments would you be willing to receive, and how far would you want your loved ones to go if you have little hope of recovery?
The health care surrogate is another legal document that details your wishes and entrusts your values to a designated agent.
A Digital Estate Plan
Millennials have had a harder time breaking into traditional markets than their older counterparts. However, Millennials have—perhaps more than any other generation—excelled at taking advantage of the many opportunities offered by the internet.
While Florida’s probate code has yet to account for the entirety of what could be considered a digital estate, a conventional, trust-centered estate plan could help you protect assets including, but not limited to:
- Social media accounts
- Cryptocurrency wallets
- Digital assets and domains
- Other accounts and assets
Contact an Experienced Estate Planning Attorney Today
You do not have to leave your legacy to chance. DeLoach, Hofstra & Cavonis, P.A., have years of experience helping Floridians of every age and generation identify estate planning solutions that suit their needs. Please send us a message online or call us at 727-397-5571 today to schedule your initial consultation.