In these times, should Millennials start estate planning?

For Millennials, at this point in their lives, they should be concentrating on buying their first home, getting married and maybe, even having children. Unfortunately, with souring student loan debt, Millennials are often delaying these major life event, especially in these uncertain times. This can mean that one’s first reaction to hearing “millennials” and “estate planning” in the same sentence is, “Why?” However, if we can take away anything from the events of 2020, it is, we never know how much time we have left, and we need to be prepared. And, New York estate planning documents are part of that preparation.

Estate planning is also about how one passes

Estate planning is not just about who gets what, like who gets furniture, jewelry, etc., it is also about deciding how one wants to spend their last moments on earth. It also appoints the person to effectuate those wishes and who can make medical decisions when one is not able. Specifically, through a Living Will and a Health care Power of Attorney, one gives a trusted third-party the power to make decisions for them when they are not able to, like when in a coma or generally, incapacitated.

Protecting one’s digital life and assets

Millennials were the first generation to grow up online and on social networks. This means they usually have blogs, email accounts, online-only bank or crypto-currency accounts and social media accounts, among many other digital assets. Who will update, maintain or possibly, erase those digital assets? These are the types of issues an effective estate plan can answer. This can be important for those that have built significant wealth in these online-only accounts or if one has secrets they would like to keep secret by deleting accounts.

Estate planning can get complicated, quickly

While around 70% Millennials (people ages 18-34) do not have an estate plan, like a living will, end-of-life planning should be on everybody’s to-do list, immediately. Though, as one can already see, it can get complicated fast. Should the same person that makes medical decisions be the same person that deletes accounts or ensures that digital assets are transferred? Maybe one does not want their spouse to do both. Ensuring that Brooklyn residents’ wishes are protected can only be done through a legally enforceable, estate plan, which is why having it drafted with an attorney is so important.

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