It may come as a surprise to older generations that the millions of young Americans known as “millennials” have now arrived into their adult years. Millennials may be even more surprised to realize that this means estate planning is now something that should be on the radar.
This week, The National Law Review provided a helpful synopsis of the most important estate planning considerations for the millennial population. These include:
Setting up powers of attorney for financial and medical decisions as parents do not carry this responsibility beyond age 18.
Establishing a will or trust to handle distribution of assets, care of children and pets, and social impact goals.
Creating a plan for the management of digital assets such as Facebook, Google, and other online accounts upon incapacity or death.
Accounting for student loans and how outstanding balances may impact an estate plan.
Millennials, it’s your turn to plan!