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Should millennials have estate plans?

If you are a baby boomer and feel as if millennials are from another planet, chances are you are not alone. After all, many millennials are unattached (or not necessarily interested) in organized politics or religion. They gravitate more towards causes forged through social media and are more likely burdened by student loan debt.

Moreover, they are distrustful of people over 40 and are in no big hurry to get married and have the traditional family. With those negative views, it may be difficult to get millennials to think about estate planning. However, it is important to do so. 

Fortunately, estate planning does not have to begin with a multi-million dollar estate. In fact, a person just needs stuff and people they trust and care about to begin the process.

For instance, those who are in committed relationships should have a power of attorney (POA) so that a girlfriend or boyfriend may have the power to make decisions in the event the person is incapacitated and cannot consent. A POA can appoint someone to manage bank transactions, and consent to contractual obligations.

Also, creating a holographic will can be beneficial even if you have a small number of possessions. The will can be as basic as a list of instructions for the executor to carry out in the event of a person's demise.

For millenials who have children, being able to name a guardian is a critical step to ensure that someone (such as a grandparent or sibling) is available if something happens to a parent.

If you have additional questions about creating documents to carry these plans out, an experienced estate planning attorney can help.

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