It is vital for people from all walks of life to remember that it is never too early to start planning for retirement. Some millennials have entered their 30s, and while it still seems young, it is a good time for them to start considering their estate plans.
While there are numerous estate planning documents to consider, most people will at the very least want a last will and testament. However, there is much more to consider than that. Here are some other points for today’s millennials to think about.
Establish health care directives
Although many millennials are still young and healthy, that can change in an instant. Having health care directives and powers of attorney in place is critical. These documents ensure someone will be able to make health care decisions on their behalf if they cannot do it independently. Additionally, the documents provide loved ones with information about what procedures a person wants performed and whether he or she wants to remain on life support.
Ensure assets go to the proper beneficiaries
In the event a person dies without a will, the state will decide who receives which assets. Florida has laws in place that dictate which relatives receive such assets, and in some cases, certain individuals get entirely left out. For example, a millennial may want certain assets to go to a stepchild. No matter how much the person cared for and loved the child, a stepchild will not receive assets upon the adult’s death.
Any millennials who are married and have children will want to create a guardianship for those kids. In the case that both parents to pass away before the child turns 18, the couple needs to determine who will raise their child. It is vital to take time to consider who would serve as an excellent role model and can financially care for the child.