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The importance of estate planning for millennials

On Behalf of | Oct 3, 2018 | trust & probate administration |

If you are one of the many millennials in Indiana, you may be moving into your thirties and this may have you thinking differently about your life than you have up to this point. This new way of thinking might include long-term plans for the coming decade and possibly into retirement. Another thing you should also be considering is making an estate plan.

As explained by NerdWallet, an estate plan can benefit you and your family members if you were to die but also in many other situations. For example, a durable power of attorney gives another responsible adult the ability to manage your financial and other personal matters in the event that you are suddenly unable to do so. A durable power of attorney for health care grants another person the right to make important medical decisions for you if you cannot do so for yourself. These are things that may be needed after an accident.

If you have children, an estate plan allows you to outline details of a guardianship so that your children will be cared for properly in the event of your death. Making this decision ahead of time can go a long way toward helping your surviving relatives when dealing with the loss of you.

If you would like to learn more about how millennials can benefit from creating an estate plan and what documents might be best for you at this stage of your life, please feel free to visit the life preparation page of our Indiana estate planning website.