Minnesota millennials have more than enough to worry about already – so really, estate planning? While it might sound surprising, the time has now come when all millennials are at the age when all the documentation associated with adulthood is now necessary; and in some situations, individuals of this generation may have some further planning to do.
The top three things that no millennial should be without are:
- Durable Power of Attorney
- Patient Advocate Designation
- Living Will
A Durable Power of Attorney is an arrangement in which an agent is named who acts on your behalf. This professional is there to handle all planning related to your finances and some other related types of decisions if you are ever rendered legally incapacitated.
Millennials shouldn’t forget about their Patient Advocate Designation and Living Will. These work together to fully detail what your desires are for your end of life.
Your patient advocate is the person who will make decisions regarding medical matters in the event that you can’t be significantly involved in the decision-making process yourself. Before turning 18, this is a role that your parents have, but not once you enter legal adulthood.
Sometimes, a trust is needed for your estate plan to be complete, and possibly a last will and testament. This all depends on how extensive your assets are as well as which types they are and what you plan on doing with them.
Digital assets: The new breed
Digital assets are more common than ever, and as digital natives, millennials are better suited than previous generations to adapt to this new digital realm. Estate planning for millennials often means talking to advisors about how their digital assets should be handled to ensure they’re protected and that they get the most financial gain out of them as possible.
It doesn’t matter how young you are – or feel – once you’re of legal age, there are a number of financial planning measures that are wise to start thinking about. This particularly applies to those who have kids, pets, student debt, certain types of assets, or particular goals for their future.
