Berman & Asbel, LLP

Millennials: Why You Need an Estate Plan

Millennials often assume that they do not need to worry about drafting a will or health care directive yet. However, there are numerous reasons why young people should have an estate plan. In this post, we examine some of these reasons.

  1. You are starting a family. Whether your family includes a baby, a partner or even a beloved pet, you need to think about their future. Having a basic will in place can ensure these special people and pets in your life are protected should something happen to you.
  2. You have charitable goals. If you want to set aside property or money for charitable gifts in the event of your death, you would be wise to say as much with a will.
  3. You have debt or assets. You might own your first home or have student loans to pay down. In either case, you can create an estate plan to potentially minimize the problems your family could face in addressing these financial elements if you are no longer around to address them.
  4. You have a life online. Do you own online businesses or cryptocurrency? In the event of death or incapacity, someone needs to manage these digital assets. You can appoint this person in an estate plan.
  5. You have wishes regarding medical care. If you become incapacitated, you will need someone to make medical decisions on your behalf. Assigning powers of attorney and completing an advance health care directive can guide your loved ones in making difficult decisions in your behalf.

You do not have to wait until you are established in your career and family to have things worth protecting. You can meet with our estate attorney at Berman & Asbel, LLP to discuss your specific case and estate planning needs so that you can have a plan that fits your current situation .

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