Estate planning is usually something that older people spend time working on, but younger workers who are early in their careers can also invest in estate planning. Millennials in Virginia can take concrete steps that will help their estate planning.
Early Estate Planning
Estate planning is not just about transferring assets to heirs. It is also about making preparations for end of life care and needs. There are three key documents that address this concern. They are the living will, the durable power of attorney, and the patient advocate designation. The living will provides guidelines for your medical care if you are incapacitated. The patient advocate designation indicates which person you want to make medical decisions for you in that circumstance. The durable power of attorney is similar, but it applies to financial decisions. Together, these documents provide a comprehensive plan for such an event.
Making a Will
A will may or may not be necessary for millennials depending on their assets, but they are easy to write and update later. Wills are a core part of estate planning because they are the plan for which assets will go where upon death. In many cases, jointly owned assets for married couples will automatically go to the surviving spouse, but a will provides more control and direction. The will does not need to be detailed at first, but that way, it can still cover an unexpected event or accident.
Millennials are hardly too young to begin estate planning. There are several key things they can do to prepare in advance and make their wishes known in case they are incapacitated.